“As part of our commitment to dealing with the realities of climate, it’s one of our priorities,” Sen. Ben Cardin (D-Md.), a member of the Finance Committee, told E&E News yesterday. “So, yes, we are looking at the renewable credits, their expiration dates, whether we can make them longer and more effective.”....................
Lawmakers extended the renewable credits, known as the wind production tax credit (PTC) and the solar investment tax credit (ITC), at the end of 2015 as part of a broader deal that ended the decadeslong crude oil export ban.
That deal called for a five-year extension, with a phaseout of their worth until they sunset. As it currently stands, the wind incentive will taper out by the end of 2019, while the solar credit will slope down by 2022.
Senate Finance Chairman Chuck Grassley (R-Iowa) was caught off guard when informed of Cardin’s remarks yesterday.
“I don’t think I could in good conscience join that effort, not because I changed my mind on wind energy, but we’ve pleaded with so many opponents, ‘Just let us phase it out. And we can do it in five years,’” Grassley told E&E News. “And we made that decision in 2015. I think it would be wrong for me to go back on my word.”......................
“The wind industry agreed to an orderly phaseout of the production tax credit, which has created a record number of American wind power jobs and kept U.S. factories open,” said Bree Raum, AWEA’s vice president of federal affairs.
“We aren’t actively asking for an extension to our PTC and favor federal energy policies that would help renovate and modernize our aging power transmission lines, and allow all technologies to compete to provide carbon emissions reductions at the lowest cost to consumers,” she added.