in News Departments > New & Noteworthy
print the content item

GE Energy Financial Services, a unit of GE, has unveiled a study estimating that the federal tax incentive for wind energy projects, which is set to expire Dec. 31, more than pays for itself through tax revenues from the projects' income, vendors' profits and individual workers' wages.

The study, released at the American Council on Renewable Energy's Renewable Energy Finance Forum in New York, estimates that wind farms built in 2007, supported by the production tax credit (PTC), carry a net present value benefit to the U.S. Treasury of $250 million.

"Congress is debating how to pay for the wind tax credits perhaps without realizing that, over time, wind farms pump more money into the U.S. Treasury and state and local coffers than they take out," says Kevin Walsh, managing director of renewable energy at GE Energy Financial Services. "Our study shows that the wind farms more than pay for themselves through existing tax revenues, so it's time to renew the incentives immediately."

According to the study, wind projects that went into operation last year generate federal income tax revenues from the projects, individual workers' wages, vendors' profits and land leases. They also provide federal tax revenue after 10 years, when the PTC expire.

In addition to those federal tax revenues, the wind projects generate an estimated $6 million per year in local property taxes, $15 million annually in state income taxes on wages and profits during construction and $1.5 million per year in taxes while operating.

For the full study, visit geenergyfinancialservices.com

SOURCE: GE Energy Financial Services


Trachte Inc._id1770
Latest Top Stories

Smart Community Engagement: Twelve Tips Every Wind Developer Should Know

Community engagement helps ensure a project runs smoothly, but it can also save developers money and even lead to a more successful wind industry overall.


Bird Groups Target LEEDCo's Icebreaker Offshore Wind Pilot

Two bird conservation groups that helped halt a wind project earlier this year argue that Lake Erie Energy Development Corp.'s (LEEDCo) 18 MW offshore demo poses a major risk to regional wildlife.


Report Disputes U.S. Agency's Renewable Energy Projections

A new analysis from the Sun Day Campaign says renewables are slated to provide 16% of U.S. generating capacity by 2018 - over 20 years earlier than forecast by the Energy Information Administration.


Kansas Renewables Mandate Survives Yet Another Attack, But Is It Too Early To Celebrate?

Over the past three years, some legislators have tried to either weaken or repeal the state's renewable portfolio standard, which requires Kansas utilities to reach 20% renewables by 2020.


AWEA Highlights U.S. Wind Success Stories Of 2013

Despite a 92% drop in new capacity last year, the sector still has myriad reasons to celebrate, according to a new report from the American Wind Energy Association.

WomenofWind_id
UEA_id1896
Acciona_id1907
JLG_id1900
AWEA_id1886
bonfiglioli_id1913