On January 1, 2013, President Obama signed into law a bill that extends the renewable energy Production Tax Credit and offshore wind Investment Tax Credit through 2013. The production tax credit, which was scheduled to expire on December 31, 2012, provides a 2.2-cent tax break for every kilowatt-hour of electricity produced from large-scale wind farms.
“We are pleased that tax credits will now be extended for wind power projects that start construction over the next year, allowing for continued growth of American wind power”, said Matt Patsky, CEO of Trillium Asset Management. “The credit has increased energy diversity and reduced our reliance on fossil fuels. It has also helped to stimulate productivity and innovation in the renewable energy economy and keep electricity costs low for consumers.”