PTC Extension Critical For U.S. Clean Energy Production, Jobs

Around the world, wind turbine installations are up and are projected to increase significantly in the next several years. The inhibitors to widespread adoption are shrinking as better energy storage options solve the problems of consistent availability, adequate lifespan and affordability. In the U.S., however, the potential end of the federal Production Tax Credit (PTC) later this year could threaten the success of clean energy production in this country.

That’s why Ioxus has signed onto the American Wind Energy Association (AWEA) petition asking Congress to extend the PTC. Letting the PTC expire is the equivalent of raising taxes on domestic renewable energy. That tax increase could have negative repercussions in an industry that has created jobs, fostered energy diversity and contributed to the long-term stability of electricity prices.

In its appeal for a four-year extension of the PTC, AWEA states that:

  • Wind provided 35 percent of all new U.S. power capacity in the last four years.
  • Equipped with the PTC, the wind industry has been able to lower the cost of wind power by more than 90 percent and provide power to the equivalent of 10 million American homes.
  • The U.S. has generated 3.25 percent of its electricity from clean wind energy in the first half of this year.
  • In Iowa, wind now generates 20 percent of the electricity year-round.
  • The U.S. is capable of growing to Iowa’s level by 2030, generating 20 percent of its electricity from wind power on a national scale.
  • That growth by 2030 could provide 500,000 American jobs in wind energy.

Technological innovation can take us much of the way toward cleaner energy production. However, other factors matter, as well. PTC is one way the U.S. can encourage success in domestic energy production, and we hope Congress will renew it for at least the next four years.

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