Right now, Congress is sitting on critical tax incentives for renewable energy that would create thousands of jobs and boost American competitiveness in the global economy. Clean energy tax incentives like the Production Tax Credit (PTC) for wind, the 1603 Treasury grant program, the Investment Tax Credit for offshore wind and the Advanced Energy Project Credit (48C) have created and saved thousands of jobs, and extending these incentives will create many more.
However, failure to act on these important tax credits threatens the very jobs we need right now.
Production Tax Credit
The American Wind Energy Association estimates that the PTC will allow the wind industry to grow from the current 75,000 jobs to over 100,000 jobs in four years and continue toward supporting 500,000 jobs by 2030. Without the PTC, the industry stands to lose 35,000 American jobs.
Investment Tax Credit for Offshore Wind
According to the U.S. Department of Energy, the American offshore wind industry could see 43,000 permanent jobs through 54 GW of capacity.
48C Advanced Energy Project Credit
At the time of creation, the White House estimated 48C would create more than 17,000 jobs. The investment was planned to be matched by as much as $5.4 billion in private sector funding, which could support up to 41,000 additional jobs.
Section 1603 Grant
The National Renewable Energy Laboratory analysis estimates that up to 75,000 direct and indirect jobs and up to $44 billion in total economic output were supported by the design, manufacturing, construction, and installation of solar photovoltaic (PV) and wind projects funded by the 1603 Treasury grant program. In addition, the study estimates that the operation and maintenance of these solar and wind facilities will continue to sustain up to $1.8 billion per year in economic output over the lifetime of the facilities (20 – 30 years).
All four of these are vital job-creating policies that should be renewed. Get the facts from our fact sheets and other links and do your part to push Congress to quit playing politics and start creating and saving American jobs.