A change to the text of a wind-power tax credit would increase investment in several other types of renewable energy including geothermal, industry groups told President Obama.
The groups say that while credits for their industries are locked in through 2013, altering the incentive’s language within the Senate Finance Committee’s tax package would boost investment for 2013.
The change would allow geothermal, hydropower, waste-to-energy and biomass projects under construction before 2014 to collect a 2.2-cent per kilowatt-hour credit for power production. Currently, those projects must be in service by 2014 to receive the incentive.
“A rule that will allow renewable projects to go forward based on when construction begins is a major policy improvement that will allow many more clean energy projects to move forward,” the groups told Obama in a letter dated last week and obtained Tuesday by The Hill.
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