The renewable energy production tax credit (PTC) is a tax incentive for renewable energy project developers that helps keep electricity rates competitive and encourages development of clean renewable energy projects, which creates jobs and improves the environment. While the PTC is set to expire at the end of 2012, given the long project development and manufacturing lead times, the PTC will effectively expire within days.
A multi-year extension of the PTC will help ensure that renewable energy companies in Colorado are able to continue to make progress until critical mass is reached and renewable energy technologies become fully cost-competitive based on economies of scale.
Colorado has been a beneficiary of a strong U.S. Wind industry, adding thousands of jobs in manufacturing, R&D, operations and maintenance in companies throughout the state. It's not only Vestas that has brought these jobs, but the supply chain providers, the engineering firms and the small component firms that are attracted by the talented workforce tied to this industry.
Many of these companies will move jobs out of Colorado if the PTC is not extended and it won't just impact the wind industry - it will impact us all.
Hear from Senator Mark Udall about the importance of extending the PTC for Colorado's renewable energy industry:
|Extend Renewable Energy Production Tax Credits|