As part of the fiscal cliff deal Congress has approved, the alternative energy production tax credit was extended. Many companies involved in the transmission of wind energy have balked at continuing production on new projects until the tax credits were certain.
A.J. Swope of Class 4 Winds says thereâ??s a difference between this extension and previous ones. He says, â??This production tax credit will allow wind farm owners to begin construction by the end of 2013 and will qualify for that PTC.
In the past, wind farm owners had to have had their projects constructed, on line and producing power by the end of the year in order to qualify.â??
He also says the extension comes at an opportune time. â??What weâ??ll see is this timing out perfectly with the completion of the Texas CREZ lines.
Of course the CREZ lines which are currently under construction in the Panhandle will be completed wither by the end of 2013 or the beginning of 2014.â??
The Energy Information Administration says wind set a new record last year by installing 44% of all new electrical generating capacity in the country.