The League joined members of the environment community by sending a letter to the U.S. House of Representatives expressing strong support for H.R. 924. This bill would extend the Investment Tax Credit for offshore wind and encourage investment in the growing industry.
March 18, 2013
As organizations with millions of members and supporters, we write to express our strong support for H.R. 924, Incentivizing Offshore Wind Power Act. This important piece of legislation extends the Investment Tax Credit (ITC) specifically for offshore wind in order to incentivize much-needed investment in this growing industry.
As environmentalists and clean energy advocates, we support the development of offshore wind in the United States as a way to reduce our dependence on fossil fuels both foreign and domestic, create long-term and good paying American jobs, combat climate change, and become leaders on the global clean energy stage. Although offshore wind has thrived in Europe, creating thousands of jobs and clean, renewable energy for its citizens, the United States has yet to install its first offshore wind turbine. We believe that the United States is capable of not only meeting but surpassing the success experienced by Europe and we are eager to see this nascent industry thrive on our shores.
One of the biggest impediments to offshore wind development is financing. Offshore wind farms, with their high capital costs and long lead times, will be extremely difficult, if not impossible, to finance without more certainty about the applicability of the ITC to these projects.
Under current law, an offshore wind project will be eligible for the ITC if that project “commences construction,” as that term will be defined by the Treasury Department, before the end of 2013. While this is a good step in the right direction, such a short-term extension does not provide the requisite certainty to the financial sector that offshore wind is a viable industry that is able to be developed in the U.S. That is why the Incentivizing Offshore Wind Power Act, introduced by Congressmen Bill Pascrell (D-NJ) and Frank LoBiondo (R-NJ), is so important. This bipartisan bill would provide a 30% ITC for the first 3,000 megawatts of offshore wind placed in service, incentivizing development and rewarding the first movers in the industry. This bipartisan bill sends a clear signal to investors that America is open for business and committed to producing clean and domestic energy.
We urge your support and cosponsorship of H.R.924, Incentivizing Offshore Wind Power Act. This bill is vital to creating a thriving new job-creating industry in this country and sending a signal to the rest of the world that we can be leaders on the global clean energy stage.
Federal Policy Director
Southern Environmental Law Center
Energy Program Director
Policy and Campaigns Manager for Energy and Climate
Virginia Conservation Network
Chesapeake Climate Action Network
Rev. Meredith Moise
Christian United Church/Apostolic National Catholic Church
Maryland State Conference NAACP
Interfaith Power & Light (MD, DC, Northern VA)
Coordinator, Climate Change and Clean Energy
Unitarian Universalist Legislative Ministry of Maryland
Assateague Coastal Trust
Director of Policy & Communications
Southern Alliance for Clean Energy
Vice President for Policy and Climate Advocacy
Conservation Law Foundation
Franz A. Matzner
Associate Director of Government Affairs
Natural Resources Defense Council
MD Executive Director
Physicians for Social Responsibility
Yvette Pena Lopes
League of Women Voters of the United States
Environment New Hampshire
State Field Associate
Environment Rhode Island
Environment New York
Environment New Jersey
Federal Field Organizer
Environment North Carolina
David Masur Director PennEnvironment
State Policy Advocate
Senior Vice President, Government Affairs
League of Conservation Voters