Biden Admin Throws Lifeline To Drowning Offshore Wind Industry – By Harold Hutchison (Daily Caller) / Nov 17, 2023
The Biden administration announced Friday it’s proposing extending a tax credit to boost offshore wind energy projects, according to Politico.
The tax credit proposal is intended to defray rising interest rates and high steel prices that have made offshore wind energy projects more expensive, Politico reported. The Treasury Department clarified that undersea cables that connect wind farms to the power grid are eligible for tax credits due to the Inflation Reduction Act, according to E&E News.
The Treasury Department’s proposal would make the projects eligible for a 6% base credit, and companies could get additional credits for meeting other criteria, including paying “prevailing wages,” locating the projects in certain communities and using domestic materials, E&E News reported.