HPPR hosts & contributors
Thu February 6, 2014
Tax credit expiration leads to wind farm construction boom in Oklahoma
On December 31, the federal production tax credit for renewable energy expired. In Oklahoma, this stimulated 12,300 megawatts of wind projects to begin construction ahead of the deadline.
The last-minute rush to begin construction ensued to take advantage of the expiring tax credit. Developers had to start construction by the end of 2013 to qualify, according to The Oklahoman.
Wind farm developers didn't finish any wind farms in 2013, but thanks to a rule-change by Congress after the renewable energy credit in 2012, developers only needed to begin construction to qualify.
The wind industry fears another bust in wind energy construction if the credit isn't renewed after last year's expiration.
Natural Resources & Energy