March 15, 2002—The American Wind Energy Association (AWEA) recently announced that the wind energy production tax credit, which helps finance new wind power installations, will be extended until December 31, 2003. The tax credit provides a 1.5 cent-per-kilowatt-hour credit (adjusted annually for inflation) for electricity generated by wind turbines.
According to AWEA Executive Director Randall Swisher, “This action by Congress and the expected signature of President Bush means that about $3 billion in wind energy investments forecast over the next several years are now back on track across the country.” AWEA would like to see at least 6 percent of the nation’s electricity produced with wind by 2020.
The extension will allow the domestic wind industry to continue growing and producing new jobs, particularly in Texas, the Great Plains, and other regions where wind development has been strongest. Wind leases can provide farmers, ranchers, and other landowners with supplementary income of about $3,000 per turbine, per year, for about twenty years.
For more information, contact AWEA.
