FACT: If the Production Tax Credit is not extended, existing wind farms will be unaffected
Posted by Dahvi Wilson5sc on May 08, 2013
The Production Tax Credit is an incentive that rewards a wind energy generation facility for the energy it produces during the first 10 years of its operation. It does this by giving the facility’s owner(s) a break on their taxes for each unit of energy produced (and nothing else) during that period. Once a wind farm qualifies for the PTC, it is guaranteed to receive that tax credit for the first 10 years of its operation.
Under the current PTC, all projects that begin construction during 2013 will qualify. If the PTC is not extended in future years, that will not prevent those existing, qualified projects from receiving the benefits they were guaranteed. In other words, even if the PTC is not extended in future years, it will not affect the economic viability of wind projects that began construction in 2013.
“As the 19th district representative of the House of Delegates, I'm excited to see Virginia's first wind energy project enter its final phase of compliance. The community is excited to see the alternative form of energy come to completion.
We look forward to the construction beginning and the successful completion of Virginia's first wind farm.”-
Delegate Terry Austin, Virginia House of Delegates, 19th District
"Rocky Forge will be a large contributor to Botetourt County’s tax base, while having a minimal effect on existing land use of the thousands of acres of rural land in the project area.
This seems like a win-win to me.”-Jack Leffel, Chairman, Botetourt County Board of Supervisors
“Botetourt County studied and reviewed Rocky Forge Wind for over a year. It was ultimately approved unanimously by our Board of Supervisors both because it met our county’s wind energy guidelines and because it aligns with
Botetourt County’s mission of embracing responsible growth and innovation.”- Gary Larrowe, County Administrator, Botetourt County
“The Chamber of Commerce is delighted at the prospect of having Apex join the Botetourt family of businesses. A new renewable energy business in Botetourt will be good for the local economy
and the environment and the Chamber is looking forward to working with Apex in the future.”-Pete Pearl,
President, Botetourt County Chamber of Commerce
“Virginians overwhelmingly want more renewable energy, and wind power offers one of the cleanest, safest forms of electricity generation.
Rocky Forge Wind is a great step toward growing the Commonwealth’s clean energy."-Dan Crawford, Group Chair, Roanoke Group of the Virginia Chapter of the Sierra Club
“As a resident of Botetourt County for more than 25 years and supporter of our area’s sporting traditions, I believe wind energy
is a great way to produce power while protecting traditional land uses like hunting and fishing.”-Sherry Crumley, Board Member, National Wildlife Turkey Federation