An important window of opportunity for wind energy developers is closing fast. Specifically, the federal government’s renewable energy production tax credit (“PTC”) expires on December 31, 2019.
The PTC is an inflation-adjusted, per-kilowatt-hour tax credit for electricity generated by qualifying renewable energy resources and sold during the taxable year. Although the PTC has already expired for other renewable energy technologies (e.g., solar energy technologies), wind energy projects that begin construction before the end of the year are still eligible so long as they are completed within four years. The credit lasts for ten years after the facility is put into service, so wind energy developers should do everything in their power to break ground on new projects by December 31.
For more information, please visit the Department of Energy website.