Congressmen Blumenauer, Cole introduce Rural Wind Energy Development Act
Ideas get bigger when you share them...
Washington, DC - May 29, 2014 (Investorideas.com renewable energy stocks newswire) Today, Representatives Earl Blumenauer (OR-03) and Tom Cole (OK-04) introduced the Rural Wind Energy Development Act to provide an investment tax credit to ranchers, farmers, and small businesses to offset the up-front costs of owning a distributed wind turbine. This modest expansion of current law will keep small business energy jobs growing across the United States.
Small wind turbines (generating up to 20 megawatts of clean energy) allow farmers, ranchers, and other consumers to cut their energy bills and, at times, sell power back into the grid. They also allow thousands of businesses—from "mom and pop" stores, to retailers, to ranches, and to breweries—to reduce their energy load, to help clean the environment, and to save money. The Department of Energy’s national laboratories estimate that community wind generates a strong economic multiplier for local communities, helping rural areas rebound from challenging economic times.
"Community wind energy not only creates American-produced electricity, but American jobs as well," said Blumenauer. "Approximately 90% of distributed wind turbines sold in the U.S. are made here, according to domestic manufacturing content, creating non-exportable, family wage jobs."
"I am pleased to once again work with my friend and colleague in furthering the success of the same credit we worked to create in 2008," said Cole. "Not only does the credit play an important role in encouraging and developing an all-of-the-above energy approach for our nation, but it also ensures that America continues to be a leader in innovation. By modestly increasing this credit, we can continue to encourage economic development, especially in our rural communities."
The existing investment credits, which may be taken in lieu of the federal Production Tax Credit for large-scale wind projects, have worked very well, but are too limiting. This bill strikes the existing 100 kilowatt nameplate limitation for small wind systems, and expands the maximum wind turbine size to 20 megawatts, in line with the Federal Energy Regulatory Commission definition of distributed wind power.
This will provide stability and certainty for the distributed wind market and unlock the necessary investment to grow our global leadership role in distributed wind power, while helping Americans take advantage of clean, renewable, affordable power.
Patrick Malone Director of Communications Congressman Earl Blumenauer (OR-03) (202)225-4811 1111 Longworth House Office Building
Patrick Malone (Blumenauer) – 202(225-4811)
Sarah Corley (Cole) – (202)225-6165
This news is published on the Investorideas.com Newswire and its syndicated partner network
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news as well as creates original content as a news source. Original content created by investor ideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and global syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions and advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.