Extend tax credit to reap the benefits of wind power
Thomas Pyle’s Nov. 16 Another Voice column ignores the benefits of American wind power and distorts its costs, while omitting any mention of Pyle’s work for anti-renewable energy special interest groups.
Wind has been good for New York. It has attracted $3.4 billion of capital investment into the state while annually returning $5.2 million to the state’s landowners through leases. Wind supports 2,000 jobs in the Empire State and nine factories that build components. New Yorkers will directly save over $1 billion on electric bills through 2050, and billions more will be saved by holding down natural gas prices.
The Production Tax Credit has attracted over $100 billion in private investment since 2008 and is only awarded once wind farms start generating electricity.
American taxpayers have spent over $500 billion subsidizing conventional fuels, dwarfing renewable energy investments.
Wind is increasingly cost-competitive with fossil fuel electricity, and now supplies enough energy for 18 million American homes. However, the electricity market still favors heavy reliance on an aging fleet of power plants with unpredictable fuel costs that don’t cover their impacts.
Wind’s costs have fallen 66 percent over six years, benefitting consumers. Extending the tax credit will continue lowering costs and avoid throwing this American success story off a cliff. The last time Congress didn’t provide policy certainty, the economy lost $23 billion and 30,000 jobs in one year.
To keep saving New Yorkers money and keep the United States the world’s top wind energy producer, it’s critical Congress extend the tax credit this year.
Senior Vice President
Government & Public Affairs
American Wind Energy Association