The U.S. wind energy sector is growing strong with a projected $145 billion in new investments.
Wind energy may soon surpass hydroelectric power as the top source of renewable energy in America; it has already earned the title as the fastest growing renewable energy sector. According to Pike Research, $145 billion is planned to be invested in wind energy across the U.S. for both onshore and offshore installations through 2017. This continued investment in wind energy will lead to growth in green job creation and power our local economies while helping to reduce greenhouse gases. Much of this growth and continued investment hinges on the renewal of renewable energy tax credits that are due to expire at the end of this year, or 2013 depending on the energy type.
The gentle breeze is powering over 10 million homes across the U.S., though wind energy only accounts for about 2.3 percent of all energy produced. With President Obama’s ambitious goal of having America transition to at least 80% clean energy by 2035, we have a lot of growth ahead of us. In 2011, the U.S. wind energy industry increased its production by 31% as compared to 2010, setting the stage for growth in 2012. All of this growth puts people to work, from wind turbine technicians and construction workers to electrical engineers and electric contractors there is work to be done building out the infrastructure. However, all of this green job growth and renewable energy hinges on the tax credit extension.
Recent reports state that the President has promised to make the tax credits permanent, though it is not fully up to him, Congress must act as well. The Treasury Department has also given statements standing behind the tax incentives saying they “provide a strong, consistent incentive to encourage investments in renewable energy technologies.” It is clear that in an election cycle politicians listen, therefore we ask that each of you reach out to your local Congressional representative and ask them to support the long term extension of the renewable energy tax credit.