PTC renewed: Wind gets a multi-billion handout in ‘fiscal cliff’ deal
Part of the ‘fiscal cliff’ deal just negotiated by the President and House Republicans includes continuing the multi-billion handouts to the US wind industry.
without the existence of a $0.02/kWh tax credit/safety net for wind energy, the industry immediately goes into a tailspin, threatening to lay off more than 37,000 employees across the country, and stopping the development of almost 14,000 MW of planned wind projects.
As this Businessinsider.com/Dailycaller.com editorial notes, the renewed PTC has massive costs associated with it.
According to the Congressional Budget Office, extensions of energy tax benefits will cost more than $10.3 billion over five years and more than $18.1 billion over ten years. The Joint Committee on Taxation reported that a one-year extension of the wind PTC alone would cost $12.1 billion.
So while the war on coal – and the affordable, abundant, secure, clean, domestic energy it provides – continues unabated, the federal government has committed to continue funneling billions of tax dollars toward the goal of making the wind industry “competitive.”