Executive Insight, Renewable Energy, Solar, Wind

VIDEO: Congress extends tax credits for wind and solar for 5 years

Congress has again approved tax benefits that benefit producers of solar power and wind energy.

Those benefits, known as the investment tax credit and the production tax credit, will last for the next five years.

The renewable energy tax credits are a concession to Democrats in exchange for the loosening of crude oil export laws, which were sought out by Republicans.

American wind power achieved a major milestone in November by passing the 70 gigawatt mark. There now is enough installed wind turbine capacity to supply electricity to more than 19 million typical American homes.

Wind power crossed the 50 and 60 GW thresholds in 2012, as developers rushed to complete projects before the Production Tax Credit expired. Policy uncertainty in 2013 caused wind energy installations to declined by 92 percent.

 

There are currently more than 50,000 operating wind turbines in the U.S., at more than 980 utility-scale wind farms across 40 states and Puerto Rico