Collins, Carper Introduce Bill to Spur Investments in Offshore Wind

Statement

U.S. Senators Susan Collins (R-ME) and Tom Carper (D-DE) introduced a bill that would spark investments in offshore wind power, helping to create thousands of good-paying American jobs by supporting the construction of offshore wind energy projects.

The Incentivizing Offshore Wind Power Act would extend the wind investment tax credit (ITC) at 30 percent for offshore wind projects that commence construction by January 1, 2027, or the year after the United States has reached 3,000 megawatts of new offshore wind capacity, whichever is later. This ensures that the ITC is available until the offshore wind industry is established in the United States. Additionally, the bill would lower consumer costs by retroactively eliminating the current tax credit phase-down.

"Within 50 miles of the U.S. coast, there is enough offshore wind capacity to power our country four times over," said Senator Collins. "Our bipartisan bill would provide a tax credit to help companies continue to develop this clean source of energy, including off the coast of Maine, where projects such as Aqua Ventus at the University of Maine have the potential to support more than 2,000 good-paying jobs in our state."

"By harnessing offshore wind energy, we can create good-paying jobs, reduce our reliance on dirtier sources of power and provide more affordable electricity to consumers -- all while helping to combat the worsening climate crisis," said Senator Carper. "In a few short months, critical tax credits that help spur U.S. offshore wind development and manufacturing and help bring down consumer costs will expire, just as the industry is starting to take off in this country. The Incentivizing Offshore Wind Power Act provides a long-term extension of the offshore wind investment tax credit to ensure offshore wind -- and the manufacturing and construction jobs that go along with the industry - are a reality in this country. We've already seen in red and blue states alike how onshore wind energy can fuel job growth and reduce harmful pollution. I believe the potential for offshore wind is even greater. I'm hopeful that the Senate will come together in a bipartisan way to support this legislation."

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