Statement by Gregory Wetstone, President and CEO, American Council on Renewable Energy (ACORE)
Washington, D.C. Feb. 9, 2018 – “We are encouraged by the long-overdue extension of tax credits for so-called ‘orphan’ renewable energy technologies that were left on the cutting room floor when Congress extended the tax credits for wind and solar power in late 2015. The final budget deal included business and residential tax credits for fiber-optic solar, solar water heating, groundwater geothermal heating, fuel cells, geothermal heat pumps and small wind technology extensions through 2021.
However, it is a major disappointment that the same benefits were not extended to hydropower, geothermal energy, biomass, and marine hydro-kinetics, which were only given retroactive tax incentives for 2017. Tax credits are supposed to be incentives and you don’t encourage investment in these important technologies with credits that are only available last year.
This bill’s lack of parity is underscored by the complete elimination of the deadline for completion of nuclear power facilities to qualify for tax credits. The nuclear credit was also made transferable for public entities, allowing for easier access to tax equity, a mechanism not made available to renewable energy.
Meanwhile, renewable credits are phasing-down and out even as a panoply of century-old fossil fuel incentives remain enshrined in permanent law. We still have a long way to go before our tax code reflects a level playing field for renewable energy.”
The American Council on Renewable Energy (ACORE) is a national non-profit organization leading the transition to a renewable energy economy. With hundreds of member companies from across the spectrum of renewable energy technologies, consumers and investors, ACORE is uniquely positioned to promote the policies and financial structures essential to growth in the renewable energy sector. Our annual forums in Washington, D.C., New York and San Francisco set the industry standard in providing important venues for key leaders to meet, discuss recent developments, and hear the latest from senior government officials and seasoned experts. For more information, visit the ACORE website and follow @ACORE on Twitter.
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