The Energy Act of 2020 includes a two-year extension of the investment tax credit (ITC) used by solar power generators (keeping the ITC at 26% through year-end 2022 instead of falling to 22% in calendar year 2021), a one-year extender for the production tax credit (PTC) used by wind developers, and a new 30% ITC for offshore wind projects that commence construction by the end of 2025.
Wind and solar generation, energy efficiency and carbon capture all won tax break extensions in the massive stimulus and budget bill that was poised for approval by Congress Monday night.
The Energy Act of 2020 includes a two-year extension of the investment tax credit (ITC) used by solar power generators (keeping the ITC at 26% through year-end 2022 instead of falling to 22% in calendar year 2021), a one-year extender for the production tax credit (PTC) used by wind developers, and a new 30% ITC for offshore wind projects that commence construction by the end of 2025.
Biden climate team s foes: Time, politics and bureaucracy | Associated Press
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Biden s climate and energy team welcomed by US renewables sector
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18 December 2020 12:47 GMT Updated 18 December 2020 12:47 GMT
US President-elect Joe Biden has said he will nominate Debra Haaland to lead the Department of Interior (DoI), elevating an opponent of fossil fuels – and first Native American to run the powerful government department – to oversee his administration’s ambitious plans for offshore wind and other renewables development on public lands.
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Biden also selected North Carolina’s environmental chief Michael Regan to head the Environmental Protection Agency (EPA), a body set to take a spearheading federal role in enacting a climate policy agenda that aims to place the US on course to reach net zero emissions by 2050.