FOR IMMEDIATE RELEASE
ACORE Applauds Extension Of Production Tax Credit
Washington, DC; January 2, 2013 --The American Council On Renewable Energy (ACORE) applauds the one year extension of the 2.2¢/kWh tax credit for wind that was included in the fiscal cliff deal passed by the House last night. The extension creates more market certainty and includes language that allows renewable energy projects that “start construction” as opposed to being “in service” in 2013 to claim the PTC. This effective change in deadline is critical to the wind industry, as well as the hydropower, geothermal, biomass and waste-to-energy industries as it takes into account the long-term time horizons required to complete projects.
ACORE President and CEO Vice Admiral Dennis V. McGinn stated, “As a result of the extension, over 37,000 American jobs will be saved, more renewable energy jobs will be added to our recovering economy, and domestic wind turbine manufacturing will resume in America’s 500 wind turbine manufacturing facilities. Today is a victory for many different forms of American-made renewable energy and the hard-working people who produce it.”
The PTC extension creates a more stable landscape for American renewable energy companies and investors looking to start construction in 2013. Slower first quarter growth in 2013 is anticipated due to the long-standing 2012 uncertainty about the PTC extension. But now that this essential policy element is clear, strong growth will follow thereafter for American wind power and other key renewable energy sectors.
Although the PTC extension was a significant accomplishment, ACORE believes there is much left to be done in 2013 to ensure the renewable energy industry continues to drive declining costs, expand market opportunities, gain greater access to low cost capital, and obtains the opportunity to compete with all energy sources on a level playing field. This will happen with the right kind of policy framework and it will enable renewable energy to become an even larger element in a more balanced, diverse and resilient energy portfolio for America.
ACORE, a 501(c)(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2013 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org.
CONTACT: TURNER HOUSTON (202)-777-7552