Last night, congressional leaders agreed to a budget deal that will extend the federal tax credits for wind and solar until at least 2020 and 2022 respectively. Executive Director Michael Noble released the following statement:
“Having greater certainty for solar and wind energy businesses and consumers is a significant step forward. Phasing these incentives down over time is smart public policy and eliminates the boom and bust cycle that have plagued the federal renewable energy tax credit policy for so many years. Five to seven year clarity of tax credits sends a clear market signal that the United States wants businesses to compete in a robust market for the foreseeable future.
While we in no way support an increased market for oil by repealing the ban on the U.S. export of oil in place since the energy crises of the 1979s that was also part of this legislative package, we see long-term stability in the clean energy market as a positive step toward reducing our emissions over time.”