U.S. Renewable Electricity: How Does the Production Tax Credit (PTC) Impact Wind Markets?
U.S. wind projects that use large turbines-greater than 100 kilowatts (kW)-are eligible to receive federal tax incentives in the form of production tax credits (PTC) and accelerated depreciation. Originally established in 1992, the PTC has played a role in the evolution and growth of the U.S. wind industry. Under existing law, wind projects placed in service on or after January 1, 2013, will not be eligible to receive the PTC incentive. Industry proponents are advocating for an extension of PTC availability, citing employment, economic development, and other considerations as justification for the extension. While a PTC extension may improve the prospects for U.S. wind development and manufacturing next year and beyond, the wind industry is influenced by a number of other factors. It is uncertain how the near- or long-term availability of the PTC incentive-in isolation of changes to other market factors-would either grow or sustain current wind development and manufacturing levels.
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