The US Internal Revenue Service has doubled the ‘start of construction’ phase for wind farms from two to four years, giving developers more time to claim production tax credits.
Projects that start construction by the end of 2016 and are completed by the end of 2020 can claim 2.3 cents/kWh for 10 years.
Congress extended the renewable energy incentives in December but they’ll be phased out over five years.
The credits continue at 80% of present value in 2017, 60% in 2018 and 40% in 2019.
Wind projects qualify by starting significant physical work or by spending at least 5% of the total cost before year-end.
Image: MorgueFile
