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Renewable energy development, including offshore wind projects, is more likely to proceed in the United States if there are consistent, predictable signals from policymakers and private markets to stimulate investment, international conservation group Oceana said in an analysis released Sept. 28.
Such an environment could be created if the United States increases and makes permanent the tax credit for investment in advanced energy property outlined in the American Recovery and Reinvestment Act of 2009, Oceana said in the analysis, "Untapped wealth: Offshore wind can deliver cleaner, more affordable energy and more jobs than offshore oil."
The legislation extends the 30% credit for investment in certain property used in qualifying advanced energy manufacturing projects, but the credit ends in 2012. These tax credits should be extended to manufacturers of offshore wind turbine components and turbine installation vessels, the group said.
Furthermore, the country should increase and make permanent the innovative technology loan guarantee program for opening, expanding or modernizing facilities to manufacture offshore wind turbine components and extend this program to turbine installation vessel manufacturing, Oceana recommended. The group also called for the United States to use policy mechanisms that increase the long-term demand for and supply of renewable...