Significant growth in wind and solar energy combined with advances in hydraulic fracturing have ushered in a new energy era. Renewable energy enjoys widespread support and has shown remarkable growth across the United States. Federal policy can stimulate a more diverse energy portfolio, more resilient and reliable energy markets, more consumer choice and more economic growth.
The renewable energy industry needs stable, consistent, long-term policy at all levels of government. Policy consistency and clarity builds confidence and attracts investment. Currently, renewable energy policies at the federal level are anything but consistent and clear.
Policies such as the Investment Tax Credit and the Production Tax Credit helped level the playing field for renewables. When these tax credits expire renewable energy has a competitive disadvantage against conventional energy resources.
When Congress inconsistently extends critically important tax incentives – or fails to do so at all – it creates uncertainty, slows growth, and has a chilling effect on the availability of capital for renewable energy producers, leading to boom-bust cycles.
The sooner the renewable energy industry can get to stable and long-term mechanisms like the rest of the industry, the better for our nation’s energy security and future. Renewables deserve fair policy treatment to compete on a level playing field with conventional energy industries that continue to enjoy policy certainty that has fostered investment and growth.
Kelly Carnes, President and CEO of TechVision21 recently stated “There is a clear need for greater tax policy certainty for renewable energy; the lack of consistent, long-term policy stifles investment.”
Please email karens@techvision21.com to download Kelly Carnes Report Card on Washington, D.C.: Policy, Priorities, and Funding for Renewable Energy From Doom and Gloom to Boom