Renewable Energy Initiative in VA – Legislative Tax Credit Extensions
We were pleased to see the recent passage of two renewable energy bills that included an extension of the 30-percent Investment Tax Credit (ITC) for solar through 2018, when it will begin ramping down to a permanent 10-percent level. In addition, the new law extended the 2.3-cent Production Tax Credit (PTC) through next year. This means that those building sustainable solar and wind projects in Virginia and across the country will continue to receive credits.
As noted in Green Tech Media, many national groups may now set their sights on local battles around the United States. It is time for that battle for renewable energy legislative change in Virginia. There are myriad reasons that Virginia must start including renewable energy in the mix of options available to ratepayers.
As we’ve noted here on Powered by Facts, these are just a few of the reasons:
- Historically a leader in energy production, policies and pricing, the Commonwealth of Virginia is lagging behind. At the end of 2014, Virginia had only 14 MW of solar energy installed across the Commonwealth; while Maryland had 242 MW and Pennsylvania had 247 MW.
- During peak energy demand, utilities in the Commonwealth actually purchase electricity from out-of-state sources.
- Renewable energy is poised to overtake the increase in need in Virginia more rapidly than conventional power sources.
- In Virginia, the renewable energy industry already directly employs more workers than the coal industry.