AWEA statement on the Renewable Energy Transferability Act
“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.
American Wind Energy Association (AWEA). Press release - AWEA statement on the Renewable Energy Transferability Act. URL: https://www.awea.org/resources/news/2019/awea-statement-on-the-reta. [Date Accessed: 14/05/2019].
American Wind Energy Association (AWEA). Multimedia Library > Free use image gallery. http://www.awea.org/MediaCenter/content.aspx?ItemNumber=7244. [Date Accessed: 12/03/2018].
Production plant employs more than 500 to manufacture turbine blades for wind farms in the region