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Congress mulls offshore incentive

Bipartisan proposal would offer tax credit for first 3GW coming online

Congress mulls offshore incentive image

Two senators have introduced legislation in the US Congress to provide financial incentives to encourage investment in offshore wind projects.

Republican Susan Collins and Democrat Tom Carper introduced the Incentivizing Offshore Wind Power Act that would create an investment tax credit redeemable for the first 3GW of offshore wind facilities that come into service.

The senators said previous support proposals in Congress had offered a temporary credit for investments in wind power, with the last credit scheduled to expire before 31 December 2019.

“The Incentivizing Offshore Wind Power Act would give the industry the certainty needed to plan investments and maximize deployment of this clean power technology,” they said.

Collins said: “By giving private sector companies the certainty they need, our legislation will help accelerate the development of this promising industry in America and create a new, sustainable source of domestic power.”

Collins and Carper’s proposal is also backed by Democratic senators Sherrod Brown, Ben Cardin, Chris Coons, Robert Menendez, Edward Markey, Jack Reed, Brian Schatz, Elizabeth Warren, Sheldon Whitehouse and independent senator Angus King.

Image: US Capitol Congress

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