Dozens of investors totaling more than $800 billion in assets have called for an immediate extension of the Production Tax Credit (PTC) for renewable energy, specifically wind power. In a letter delivered to Congressional leaders, investors noted that this critical tax credit creates broad economic benefits, both for wind power producers and their suppliers across the nation. Several of these investors met with Congressional staff to discuss their support for the credit.
The PTC provides a tax credit of 2.2 cents for each kilowatt-hour of renewable power generated. Designed to spur investment, the credit has helped the wind energy industry develop a large domestic network of supplies. According to the American Wind Energy Association, the PTC has spurred $20 billion in private investment and the creation of 75,000 jobs. Investors wrote to encourage. The PTC expires at the end of 2012.
“The Production Tax Credit is vital to fostering a vibrant renewable power sector, which will improve our economic competitiveness while also reducing our reliance on fossil fuels,” said Oregon State Treasurer Ted Wheeler, who oversees the management of $72.5 billion of state funds. “Renewable energy generation opportunities beckon from border-to-border in Oregon, and they promise to produce not only clean and sustainable power but also crucial employment and investments in key infrastructure.”