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US senators propose new offshore wind tax credits

By: James Bernthal-Hooker 12/08/2021 Senator Edward J. Markey

General Windfarms

Four US senators, for Massachusetts and New Jersey, have announced a piece of legislation that seeks to transform domestic manufacturing and offshore wind deployment. The Offshore Wind American Manufacturing Act is intended to create offshore wind manufacturing tax credits, assisting efforts to build a robust domestic offshore wind supply chain in the United States.

Currently, the US is somewhat behind Europe, China, and South Korea in terms of supply chain readiness. This legislation, currently a bill, would create a 30 percent investment tax credit (ITC) for qualified facilities, and would be complemented by a new production tax credit (PTC) ranging from 2 to 5 cents per watt multiplied by the total rated capacity of the turbine.

“The world is literally on fire and the effects of global climate change will only get worse if we don’t make the serious and necessary investments in clean, renewable energy,” said Senator Robert Menendez, a senior member of the Senate Finance Committee. “Federal investment in offshore wind manufacturing is good for the environment, good for the economy, and good for the American people. It will create good-paying jobs, expand the nation’s manufacturing base, and keep the U.S. on the cutting edge of new, green technologies, ensuring our nation’s economic competitiveness in the face of emerging environmental challenges.”

“The offshore wind industry is critical to our efforts to combat climate change, generate clean power, and boost our economy,” said Senator Elizabeth Warren. “The Offshore Wind American Manufacturing Act will help create more good jobs by building a made in America supply chain for all of the components that are needed for these large transformational projects.”

“Offshore wind is a booming market, but without effective manufacturing policy, American workers will be left behind,” said Senator Edward Markey. “The Offshore Wind American Manufacturing Act helps ensure that each offshore wind turbine deployed in the United States over the next 10 years is made in America and made by Americans receiving family sustaining wages. Our clean energy future is blowing in the offshore wind—it’s time to put those winds to work for American industry.”

“As New Jersey has shown, investing in offshore wind projects has multiple benefits for our nation - from creating thousands of new jobs, to helping us in the fight against climate change,” said Senator Cory Booker. “I’m proud to support this vital legislation that will support the domestic offshore wind industry and propel the United States toward becoming a global leader in offshore wind deployment.”

If the legislation is enacted, the full ITC will be available until 31^st December 2028 and phase out annually thereafter. The PTC would be available until 31^st December 2030.

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US senators propose new offshore wind tax credits

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