President urges wind power tax credit

Friday, May 25, 2012 @ 11:05 AM
posted by rene5432

U.S. President Barack Obama is pushing Congress to prolong the tax benefits that have greatly helped support the growth of the country's wind energy sector.

According to United Press International, the current production tax credit is expected to expire at the end of 2012, and provides an income tax credit of 2.2 cents per every kilowatt-hour derived from wind energy for the first 10 years of use. The credits have been in effect since 2004.

Since the 2008 election, the U.S. has nearly doubled its use of renewable energy sources, such as solar and wind power, Obama said.

"This country's on the path to more energy independence, and that's good for everybody. It's good for people's pocketbooks, it's good for the environment, it's good for our national security," he said.

According to the American Wind Energy Association, U.S. wind power capacity has grown to represent more than 20 percent of all installed wind power in the world. More than 470 manufacturing facilities across the country are used for the construction of wind turbines. 

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