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AWEA statement on the Renewable Energy Transferability Act

5/14/19

The American Wind Energy Association (AWEA) issued the following statement reacting to Renewable Energy Transferability Act.

WASHINGTON — The American Wind Energy Association (AWEA) issued the following statement reacting to Representatives Earl Blumenauer (D-OR-3) and Darin LaHood (R-IL-18) introducing the Renewable Energy Transferability Act that would allow the renewable energy production tax credit (PTC) and investment tax credit (ITC) to be transferable on a limited basis to any entity involved in a renewable power project.
 
“AWEA strongly supports the Renewable Energy Transferability Act legislation introduced by Representatives Earl Blumenauer and Darin LaHood that would allow limited transferability of the renewable electricity PTC and ITC,” said Tom Kiernan, CEO of AWEA. “Maximizing the usability of these tax credits as they phase out will expand consumer access to low-cost renewable energy. Following similar treatment for other technologies, the Blumenauer and LaHood bill will deploy thousands of additional megawatts of renewable energy projects and boost economic development across the country.”
 
Transferability addresses a common barrier to the effective implementation of energy tax policy. In some cases, the owner of an energy facility that earns tax credits does not have taxable income that would make the tax incentive valuable. The Renewable Energy Transferability Act addresses this problem by making tax credits transferable to any entity involved with a renewable energy project, which will make it easier to recruit capital needed to finance these projects. Transferability of energy tax credits is not a new concept. Both the Advanced Nuclear Production Tax Credit and the Credit for the Sequestration of Carbon Oxide have been revised to include transferability provisions.
 

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AWEA is the national trade association of the U.S. wind energy industry. We represent 1,000 member companies and over 114,000 jobs in the U.S. economy, serving as a powerful voice for how wind works for America. Members include global leaders in wind power and energy development, turbine manufacturing, and component and service suppliers. They gather each year at the Western Hemisphere’s largest wind energy event, the AWEA WINDPOWER Conference & Exhibition, next in Denver, June 1-4, 2020. WINDPOWER 2020 will be housed within CLEANPOWER, the new exhibition hub for utility-scale renewable energy, bringing together wind power, solar power, and energy storage industries. Find information about wind energy on the AWEA website. Gain insight into industry issues on AWEA's blog, Into the Wind. And please join us on Facebook and follow @AWEA on Twitter and LinkedIn.