When you look at your paycheck in two weeks and it looks a little lighter than your accustomed to seeing (2% lighter) remember, you are providing a much needed infusion of taxes to our beloved government so they can spread the wealth to important pork barrel spending projects. Vital projects such as tax breaks for green energy…
The tax credit, which has been a major driver for wind development across the U.S. over the past two decades, is worth 2.2 cents per kilowatt-hour of energy produced by new wind installations for their first 10 years of operation.
A White House news release confirmed that the production tax credit extension is included in the Senate package that the House also passed. According to industry insiders, it would allow any project that begins construction in 2013 to claim the credit, even if it goes online in 2014. The tax credit that expired on Monday could only be claimed for projects that went online in 2012.
“Just simply, 30 percent of the value of a project is derived from the tax credit,” said Florian Zerhusen, CEO of WKN USA, a San Diego-based wind developer who flipped the switch on two new 3-megawatt turbines in the San Gorgonio Pass on Dec. 21, just days before the credit expired on Monday.
“That’s what makes it so important, or you’re making too low a return,” he said.
Yep, we are still subsidising those goofy windmills that can’t even produce enough electricity to pay for themselves. Congress couldn’t find ANY pet project to cut that will allow us to keep more, or at least the same amount of money that we earn.