Legislation Encourages Offshore Wind Projects

There are currently no offshore wind farms in operation off the shores of the United States, but two Congressmen are hoping to change that by introducing legislation that would encourage investment tax credits on offshore wind farms and job creation.

U.S. Representatives Bill Pascrell, Jr. and Frank LoBiondo, both from New Jersey, recently introduced HR 3232, The Incentivizing Offshore Wind Power Act. If passed, the legislation would create an investment tax credit for the first 3,000 megawatts (MW) of offshore wind facilities placed into service. After receiving the tax credit, companies would have five years to complete the wind project.

offshore wind power, Europe

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While there are currently a number of offshore wind energy projects proposed for coastal shores of the United States and even in the Great Lakes region, none are currently operational. Rep. Pascrell said in a statement that the newly proposed legislation is meant to not only increase renewable domestic energy production, it is also meant to create jobs.

Under the legislation, the tax credits for offshore wind farms could be applicable to offshore wind projects in the coastal waters of the United States as well as inland waters such as the Great Lakes, and even the outer Continental Shelf of the U.S. Senators Carper and Snowe have introduced companion legislation, S.1397, in the U.S. Senate.

Kristy Hessman is a writer and native Oregonian who currently resides in California. Before starting her own company, she worked as a reporter covering business and politics for daily newspapers and The Associated Press.