The clean-energy sector is urging lawmakers to extend the deadline for federal tax credits for wind and solar projects from 2020 to 2021, reports GreenTech Media.
As the novel coronavirus pandemic is causing widespread economic disruptions, clean-energy and storage companies worry that many projects may not be started or complete before the crucial deadlines. This could mean a loss of federal tax credits that are critical to their financing, according to GreenTech Media.
Many in the industry worry of “supply chain disruptions that threaten the ability of renewable energy projects to quality for time-sensitive tax credits,” says Greg Wetstone, CEO of the American Council on Renewable Energy (ACORE).
Wind power developers stand to lose the most if these crucial deadlines are missed, such as missing eligibility for the full Production Tax Credit (PTC), the chief industry incentive, reports GreenTech Media.
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