Setting the record straight – the truth about how renewable energy tax credits kept Americans at work!
Recently a number of news stories and politically motivated TV ads have run across the country that falsely attack policies critical to keeping Americans working in wind power -- a bright spot in the economy, which has kept 85,000 Americans working during the recession.
These stories and campaign ads have challenged renewable energy tax credits (the 1603 tax credits) which have been one of the most effective public policies in existence for saving American jobs.
In the recession, project development and financing was difficult to obtain and costly. Many wind projects in mid-development could not complete financing. As a result, wind investment stalled with some projects stopping mid-construction; laying off construction workers and leaving wind towers and blades on the ground. The 1603 tax credit program restarted stalled projects and saved thousands of jobs at risk.
Every job saved was an American job. 100% of projects that receive investment tax credits through 1603 are built in the U.S. as required by the Recovery Act. The program also supports America's growing manufacturing and supply chain industries. U.S. wind turbine domestic manufacturing has grown 12-fold, with an increase in domestic content from 25% only a few years ago to over 50% now, and nearly 400 American manufacturing facilities making wind components.
The 1603 tax credit program has been extremely effective at keeping Americans at work. Unfortunately the program is set to expire at the end of 2010. Unlike the oil, gas, coal, and nuclear industries that have permanent incentives, renewable energy industries will be stalled again unless Congress acts soon to extend the program into 2011 and 2012.
Please take the time to watch this 2.5-minute video now on our home page and YouTube. It features Denise Bode, CEO of AWEA, responding to false claims and telling how wind has become the leading source of new manufacturing jobs in the economy throughout the recession:
We ask that you share this video with as many people as you know who cares about keeping wind as the leading source of clean energy and American jobs.