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.
Congress on Monday passed another stimulus package as a response to the COVID-19 pandemic.
The package includes extensions on the solar and wind production tax credit (PTC) and investment tax credit (ITC), energy efficiency incentives, research and development enhancements for clean energy technologies and more, according to a joint statement from House Speaker Nancy Pelosi, D-Calif., and House Senate Minority Leader Chuck Schumer, D-N.Y.
The relief package is the second implemented this year, and the first to extend aid to the renewable energy industry. It also includes several provisions from the Senate s American Energy Innovation Act, championed by Sens. Lisa Murkowski, R-Alaska, and Joe Manchin, D-W.Va., earlier this year, as well as from the House s companion bill. The inclusion marks the first time in 13 years Congress has passed comprehensive energy policy.
Photo: Dirk Waem/AFP (Getty Images)
“Bipartisan climate policy” is a unicorn of phrases when it comes to Congress, let alone “bipartisan climate policy instructing the Environmental Protection Agency to regulate greenhouse gases.” Yet on Monday, this mythical creature appeared after senators agreed to include a plan to phase down production and use of hydrofluorocarbons, or HFCs, an extremely powerful greenhouse gas, in a year-end spending bill.
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The provision was tucked in 3,100+ pages of the year-end omnibus bill to keep the government’s lights on. It’s one of a handful of climate provisions that include $35 billion of funding for clean energy and carbon capture R&D over 10 years, money for the Weatherization Assistance Program, the original WAP, and an extension of renewables tax credits. But the HFC phaseout may be the most significant inclusion, since it directly tackles a dangerous greenhouse gas that needs to be reigned in ASAP.
New stimulus bill includes $35.2 billion for new energy initiatives
The new economic stimulus proposal that has been approved by Congress includes roughly $35.2 billion for energy initiatives, according to summary documents seen by TechCrunch.
“This is probably the biggest energy bill we’ve seen in a decade,” said policy analyst Dr. Leah Stokes, an Assistant Professor at the Bren School of Environmental Science & Management at the University of California, Santa Barbara.
The spending is split between the Energy Act of 2020 and the Energy for the Environment Act, and both include new money for big technology initiatives.
“[The Energy Act of 2020] is a bipartisan, bicameral energy innovation package that authorizes over $35 billion in RD&D activities across DOE’s portfolio and strengthens or creates programs crucial to advancing new technologies into the market,” a summary document for the legislation reads.
The wildest NME headlines of 2020
It s been a surreal year, and not just due to rona. Bizarre baby names, WAP and world s fastest runner Britney Spears offered distraction from the doom
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After the last 12 months the world’s had, it feels like, instead of reflect, everyone would rather ran into 2021 as fast as possible, leaving 2020 in the dust. Fair enough! But as we count down the days to – hopefully – a better year, allow us to remind you that there were at least
some bizarre, funny and surreal moments (and a few that were just plain mind-blowing) to this annus horribilis. These were all genuine