in News Departments > Policy Watch
print the content item

U.S. Reps. Bill Pascrell Jr., D-N.J., and Frank LoBiondo, R-N.J., have introduced bipartisan legislation to encourage offshore wind power investment off the coast of New Jersey.

The Incentivizing Offshore Wind Power Act (H.R.3238) proposes to provide a 30% tax credit on investment in the first 3,000 MW of offshore wind. The secretary of the Treasury would have to consult with the secretaries of Energy and the Interior when establishing this credit.

After this consultation, the Treasury would make the final decision on who is awarded the tax credit. Under the legislation, once a company is awarded a tax credit, it would have five years to install a wind facility. These companies would not be eligible to receive other production or investment tax credits in addition to the offshore wind investment tax credit.

“For several years, we have looked to the Jersey shore as a potential source of renewable wind energy,” LoBiondo says. “In South Jersey, projects continue to move forward with the promise of increased domestic energy and creating jobs. Our legislation will further encourage the nation to follow New Jersey’s lead and move towards renewable energy, thus reducing our reliance on foreign oil.”



Trachte Inc._id1770
Latest Top Stories

Suzlon Facility Lends Key Assist In Developing 'The Wind Technicians Of Tomorrow'

The turbine manufacturer’s Elgin, Ill.-based training facility is the culmination of a program that puts a new twist on a proven method of instruction.


Having Their Say: CanWEA Clarifies True Source Of Canadian Wind Success

The Canadian Wind Energy Association (CanWEA) takes issue with a recent report summary regarding various renewable energy policies in North America.


FWS Issues Landmark Eagle Take Permit: What Does It Mean For Wind Projects?

The U.S. Fish and Wildlife Service's (FWS) recent decision has far-ranging implications for operating wind farms, as well as for those under development.


'Significant' Opportunity Exists Within Wind Energy's O&M Services Market

An increasing number of wind turbines are nearing the end of their warranty period, creating significant revenue-generating opportunities within the wind turbine operations and maintenance (O&M) sector.


Cape Wind Obtains DOE Loan Guarantee To Support Offshore Wind Project Construction

The proposed 468 MW offshore wind farm located off the coast of Nantucket Sound received a key assist that should help in financing the U.S.’ first utility-scale wind farm.

Renewable NRG_id1934