With the clock ticking on some critical credits, U.S. Congress agreed to extend them. Renewable energy tax credits that were set to expire in 2016 have now been extended for another five years.
The tax credits were for investment in solar and wind power. With this agreement, it’s expected that energy projects that were once up in the air are now a go, to the tune of $73 billion invested.
With regards to solar power, it’s expected that the new credits will allow for an additional 20 gigawatts of solar power to be installed. That capacity exceeds every panel installed in the United States before this year.
Wind power will also receive a massive boost, with another 19 gigawatts likely to be added during the lifetime of the renewable energy tax credits. These new installations have the ability to power 8 million homes in the country.
Another factor that works in favor of this decision is the falling prices of renewable power technology. As it grows in popularity, the more accessible the technology can be.
However, fossil fuels are still overall cheaper, and are therefore still looked to power the country. The renewable energy tax credits ware originally put in place to try and encourage more consumers to use renewable sources, so with it being extended, the likelihood of increased marked adoption is encouraging.
This is just the latest piece of good news to come from regulatory bodies, as it follows up new efficiency regulations put into place by the Department of Energy. After the signing of the newest international climate accord in Paris, it’s possible that this isn’t the end for pro-sustainable practices legislation.