Thanks to your tireless efforts throughout 2012, Congress extended the renewable energy production tax credit (PTC) and investment tax credit (ITC) as part of their fiscal cliff bill. President Obama signed these extensions into law on January 2, 2013. These extensions have enabled companies to restart project development, place manufacturing orders, and re-hire employees. Here are some good news stories that we’ve heard recently:
- Wind project development company First Wind announced that they are projecting a 50 percent growth in business over the coming year, which translates to another 500 megawatts of wind projects. “That will mean jobs and investment, and consumers will be getting clean energy at a competitive price,” CEO Paul Gaynor told the Boston Business Journal.
- Wind project development company Midwest Wind Energy announced that they are moving forward with construction of their 75 megawatt wind project in Nebraska. “There are several business decisions that play into the schedule (turbine purchasing, sale of the asset to equity, etc.) but the PTC was the last remaining stumbling block,” Director of Development Tom Swierczewski told the Kearney Hub.
- Carbon fiber manufacturer Zoltek announced that the PTC extension will help the company keep up the momentum from its high-performing year in 2012. “This is definitely helpful because investors were holding back on projects to see what would happen,” Chairman and CEO Zsolt Rumy told the St. Louis Business Journal.
If the PTC and ITC extensions have helped spur business at your company, we would love to hear about it. Please submit your story below!