Four Republican representatives propose phase-out of ITC for solar and wind

Congresswoman Julie Fedorchak (R-ND) has launched the Ending Intermittent Energy Subsidies Act, laws to responsibly section out manufacturing and funding tax credit for wind and photo voltaic power over the following 5 years. The laws is cosponsored by Power and Commerce Republicans Gary Palmer (R-AL), Randy Weber (R-TX) and Craig Goldman (R-TX).

“Wind and photo voltaic are not rising applied sciences — they’re mature, market-proven, and extensively deployed,” Fedorchak mentioned. “By persevering with to incentivize these intermittent power sources via beneficiant tax credit, we’re distorting power markets and sending absolutely the unsuitable sign to traders. As all of the grid operators are saying, we’d like extra dispatchable sources. We should cease offering beneficiant incentives that run opposite to that.”

The Ending Intermittent Energy Subsidies Act would:

• Part out the Manufacturing Tax Credit score (PTC) and Funding Tax Credit score (ITC) for wind and photo voltaic over a five-year interval, 20% every year
• Keep incentives for different dispatchable applied sciences like nuclear, hydropower and geothermal
• Remove transferability of those wind and photo voltaic tax credit

Information merchandise from the Workplace of Rep. Julie Fedorchak