The draft legislation would extend a host of renewable energy tax breaks, including the production tax credit and the investment tax credit. It also would expand the electric vehicle tax credit and create new tax credits for buyers of used electric cars and manufacturers of zero-emission commercial vehicles and buses.
South Dakota is a national leader in the proportion of its electricity mix coming from wind energy. CEFF spoke to South Dakota Public Utilities Commission Vice Chairman Chris Nelson about the status of clean energy in the state. He contends that the rise of wind in the state is traceable to federal incentives and a business-friendly policy landscape, and argues that solar may be better positioned for future growth.
On October 29-30, renewable energy industry stakeholders gathered in Austin, Texas for Greentech Media’s 2019 Power and Renewables Summit. At the start of the conference, audience members were asked to identify the biggest challenge facing renewable energy development over the next five years. The most popular answer — besides an economic slowdown — was the impending step-down in renewable energy tax credits.
Opportunity zones, part of the Tax Cuts and Jobs Act, allow investors to place their capital gains in legally established funds for projects in economically distressed areas defined by the federal government. A secondary attribute, appealing to clean energy developers, is that opportunity zone funds can be used for solar, microgrids, electric vehicle charging stations and energy storage.
More than 200 mayors across the U.S. have sent a letter urging Congress to pass a five-year extension of the solar Investment Tax Credit (ITC) with a particular focus on creating jobs and drawing investment. The bipartisan group of 231 mayors from 39 states and representing cities both large and small want Congress to pass the Renewable Energy Extension Act, which would result in the ITC extension.
"With each passing day it seems like another large company, like Amazon or Target, announces new solar procurements or bold renewable energy commitments. These companies make the headlines, but the untold success story of solar power in America can be found in small businesses across the country that are making those deals happen."
Less than a year after the U.S. wind industry swore off federal tax credits, its top lobbyist wants another go at the incentive that helped it become the cheapest source of new energy in much of the world.
"In the United States, Opportunity Zones have provided developers with new possibilities. The race is now on to determine whether renewable energy developers can catch up to their real estate counterparts in utilizing this new tool."