In the news, quietly nagging, is the question of whether or not the Production Tax Credit will expire now that the deadline has passed. Without the Production Tax Credit wind projects may not stand a chance at new start ups. Congress and wind power are not a good match right now as the expiration date has already passed.
These are not only the politics of wind power but about one more debt added to the heap we can’t seem to come up from already. The expiration of the credit would certainly be good news for millions who have already figured out that the financial implications are high and we are being bled dry by greedy corporations who know how to take but not give back.
Here are a few excerpts from the Huffington Post regarding the possible expiration of the Product Tax Credit that has been in place since 1992. Decide for yourself. This author wonders where YOUR children will get the money to pay back all this debt when companies like Iberdrola Renewables has their credit are heading for the Spanish hills.
Republican opposition to renewable energy tax breaks has been galvanized by anger over a failed solar project backed by the Obama administration. Republicans referred to that project, a start-up company called Solyndra, several times in the letter.
“The Obama administration has poured billions into subsidizing its favored green energy sources,” reads the letter dated Sept. 21 from House Republicans to Boehner, also a Republican. “Twenty years of subsidizing wind is more than enough.” http://www.huffingtonpost.com/2012/09/24/john-boehner-wind-production-tax-credit_n_1910687.html
The so-called production tax credit has made wind and solar installations more financially appealing for investors, encouraging new projects. But with each passing day absent movement in Congress toward renewing the credit, investors grow more skittish about pouring money into wind and solar installations, fearful that they will not be able to secure a return on their capital, as the tax credits have traditionally reduced the cost of new projects by one-third. http://www.huffingtonpost.com/2012/11/30/wind-power-tax-credit-expiration_n_2220635.html