ACORE: Transmission ITC could spur 42GW of wind and solar capacity
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The American Council on Renewable Energy (ACORE) has said that a proposed transmission investment tax credit (ITC) in the US could spur US$15.3 billion of fresh investment in clean energy and enable an extra 42GW of wind and solar capacity to come online.
A report published this week by the trade association states that an ITC could lower consumers’ power costs and that it is “necessary” to encourage the construction of high-voltage transmission infrastructure across the country.
Gregory Wetstone, ACORE’s chief executive, said that grid expansions and updates will be “essential to reducing carbon emissions, but we aren’t yet building nearly enough of the large-scale transmission projects we know we’ll need as we enter a critical period for decarbonising our economy and accelerating the transition to renewable energy.”
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The Biden administration greenlit the first large-scale offshore wind project this month in a move that could help jumpstart an industry that thus far has been stagnant in the United States.
It’s a small first step toward meeting
a goal President Joe Biden set in March for the U.S. to deploy 30 gigawatts of offshore wind power by 2030, but the country has a long way to go. Currently, the U.S. only has two small-scale pilot offshore wind projects in operation, one off the coast of Rhode Island and the other off the coast of Virginia, totaling about 42 megawatts of power.
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WASHINGTON, D.C. – The Biden administration announced today the approval of the construction and operation of the Vineyard Wind project the first large-scale, offshore wind project in the United States. Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE):
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