America needs homegrown energy resources to power the nation, and with our economy struggling, we’re in dire need of American jobs. Wind energy delivers in both of these areas. The renewable energy production tax credit (PTC) is an effective tool to keep electricity prices low and encourage development of proven clean energy projects. However, the PTC expiration is looming and we need to act fast to protect wind industry jobs.
The wind industry pushed hard to include the PTC extension in the payroll tax reduction legislation, but this bill was finalized on February 16th without the PTC. There is tremendous bipartisan support in Congress to extend the PTC, though, and we must continue to emphasize the urgency of the extension.
With the uncertainty of the future of the PTC, businesses are hesitant to plan future U.S. wind projects, American manufacturers have seen a drop in orders, and layoffs have already started. For the purposes of our industry, the PTC has already effectively expired. Half of the U.S. wind industry’s workforce is at stake. To preserve tens of thousands of good-paying manufacturing jobs, the wind industry urgently needs Congress to take action to extend the PTC immediately.