Search

The Internal Revenue Service (IRS) has released its final rules, as required by the Inflation Reduction Act, to make many clean energy tax credits transferable (able to be sold to a third party) or available for elective pay (a direct payment to the credit holder). Both rules may help expand investment in clean energy by providing mechanisms that get capital to the project’s developer immediately, even if the developer is a nonprofit or public entity that would never have paid any taxes on the project.

The U.S. Department of Energy (DOE) has released three 2023 annual reports showing that wind power is one of the fastest growing and lowest cost sources of electricity in America and is poised for rapid growth. DOE reports that wind energy provided 10% of total electricity nationwide with wind making up more than 60% of Iowa’s power and over 40% in Kansas, Oklahoma, and South Dakota. New utility-scale land-based wind generation capacity added in 2022 was the equivalent of powering 2.5 million American homes.

A trio of reports from the U.S. Department of Energy showed a continued upward trend in wind energy capacity and employment in 2018, as the cost per megawatt (MW) continued to drop due to larger and more efficient turbines. However, the possible elimination of federal tax incentives could slow the long-term growth of wind power, the report cautioned.

President Joe Biden has signed the Inflation Reduction Act, a $740-billion bill that largely focuses on clean energy and climate resiliency, deficit reduction and health care, funded through tax changes.

When Gov. Janet Mills addressed the United Nations General Assembly on Sept. 23, it was the first time a sitting governor of Maine has been asked to address the body. She had been invited as part of her participation in the UN Climate Action Summit 2019, and has made tackling climate change and embracing renewable energy key priorities of her administration. She is not the only governor stepping into the role where the federal government has backed out.