NewEnergyNews: MONEY SPENT ON NEW ENERGY INCENTIVES PAYS FOR ITSELF: STUDY

NewEnergyNews

Gleanings from the web and the world, condensed for convenience, illustrated for enlightenment, arranged for impact...

The new challenge: To make every day Earth Day.

YESTERDAY

  • ORIGINAL REPORTING: HAWAII'S UTILITIES PLAN FOR 67% RENEWABLES BY 2030
  • ORIGINAL REPORTING: CAN WARREN BUFFETT'S PACIFICORP BRING THE NORTHWEST'S RENEWABLE RICHES TO MARKET?
  • THE DAY BEFORE

  • ORIGINAL REPORTING: A UTILITY IN THE MAKING: THE MUNICIPALIZATION OF BOULDER, COLORADO
  • ORIGINAL REPORTING: WHAT HAPPENED TO THAT NATIONAL HIGH VOLTAGE TRANSMISSION SYSTEM?
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    THE DAY BEFORE THE DAY BEFORE

  • ORIGINAL REPORTING: THE STATE OF THE U.S. WIND INDUSTRY (AND WHAT IT MEANS FOR UTILITIES)
  • ORIGINAL REPORTING: HOW SACRAMENTO'S PUBLIC UTILITY IS GETTING IN THE RESIDENTIAL SOLAR BUSINESS
  • THE DAY BEFORE THAT

  • ORIGINAL REPORTING: HAS APS INVENTED A ROOFTOP SOLAR BUSINESS MODEL FOR UTILITIES?
  • ORIGINAL REPORTING: THE GRID NEEDS INDEPENDENT DISTRIBUTION SYSTEM OPERATORS
  • AND THE DAY BEFORE THAT

  • ORIGINAL REPORTING: HOW SHOULD UTILITIES VALUE SOLAR?
  • ORIGINAL REPORTING: IS PUERTO RICO THE NEW POSTER CHILD FOR THE UTILITY DEATH SPIRAL?
  • THE LAST DAY UP HERE

  • Weekend Video: Reindeer Stresses
  • Weekend Video: Pink Fracking
  • Weekend Video: Fighting Duke For Solar
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    Anne B. Butterfield of Daily Camera and Huffington Post, is an occasional contributor to NewEnergyNews

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    Some of Anne's contributions:

  • Another Tipping Point: US Coal Supply Decline So Real Even West Virginia Concurs (REPORT), November 26, 2013
  • SOLAR FOR ME BUT NOT FOR THEE ~ Xcel's Push to Undermine Rooftop Solar, September 20, 2013
  • NEW BILLS AND NEW BIRDS in Colorado's recent session, May 20, 2013
  • Lies, damned lies and politicians (October 8, 2012)
  • Colorado's Elegant Solution to Fracking (April 23, 2012)
  • Shale Gas: From Geologic Bubble to Economic Bubble (March 15, 2012)
  • Taken for granted no more (February 5, 2012)
  • The Republican clown car circus (January 6, 2012)
  • Twenty-Somethings of Colorado With Skin in the Game (November 22, 2011)
  • Occupy, Xcel, and the Mother of All Cliffs (October 31, 2011)
  • Boulder Can Own Its Power With Distributed Generation (June 7, 2011)
  • The Plunging Cost of Renewables and Boulder's Energy Future (April 19, 2011)
  • Paddling Down the River Denial (January 12, 2011)
  • The Fox (News) That Jumped the Shark (December 16, 2010)
  • Click here for an archive of Butterfield columns

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    Some details about NewEnergyNews and the man behind the curtain: Herman K. Trabish, Agua Dulce, CA., Doctor with my hands, Writer with my head, Student of New Energy and Human Experience with my heart

    email: herman@NewEnergyNews.net

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    Your intrepid reporter

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  • ---------------
  • Monday, June 23, 2008

    MONEY SPENT ON NEW ENERGY INCENTIVES PAYS FOR ITSELF: STUDY

    There is so much evidence of how valuable the development of wind energy is for the nation it is surprising anybody even thought to do this study: The tax credits the Congress keeps denying New Energy (6 times since December and kudos to the New Energy industries for refusing to take "no" for an answer) would pay for themselves in new tax revenues generated.

    The new study from GE shows that wind farms built in 2007 will bring $250 million into the U.S. Treasury. The cost from the incentives will be offset by income tax revenue from worker wages, project vendors and power output after the 10-year credit period ends.

    Bills with a variety of strategies to fund the production tax credits (PTCs) and investment tax credits (ITCs) for New Energy have been put forward (cuts to fossil fuels tax breaks, cuts to offshore hedge fund returns, etc.) but the recalcitrant Republican minority in the Senate has not accepted any of the plans.

    It is likely, if Congress does not extend the wind energy industry's PTCs (and the solar energy industry’s ITCs), the New Energy players with the necessary financial leverage will move out of the U.S. during 2009 and the smaller companies will suffer.

    Steve Taub, senior vice president of investment strategy, GE Energy Financial Services: "People are already putting the brakes on projects…"

    A solar company CEO recently confided to NewEnergyNews he expects 2009 to be a "lost" year. And why?

    This study shows it is not because funding New Energy costs taxpayers. And polls repeatedly show it is not because taxpayers oppose the development of wind and solar and electric vehicle transport. And science keeps showing it is not because the nation and the world don't NEED the development of clean energy.

    It is because a minority of fossil fools in the U.S. Senate continue to act in defense of a few wealthy patrons and an antiquated 20th century energy system.

    See the GE Financial Services powerpoint presentation
    PTC More than Pays for Itself

    (From the GE study - click to enlarge)

    Wind Farm Taxes Make Up Losses From Incentives – GE study
    Mark Peters, June 18, 2008 (Dow Jones via CNN Money)

    WHO
    GE Energy Financial Services

    WHAT
    Impact of 2007 Wind Farms on US Treasury, a GE Energy Financial Services study, finds wind energy’s production tax credit (PTC) would pay for itself in new revenues generated.

    (From the GE study - click to enlarge)

    WHEN
    - The Senate denied the extension of the investment tax credits (ITCs) and production tax credits (PTCs) for the 6th time on June 17.
    - The ITCs and PTCs expire January 1, 2009.
    - 2003: Congress let the PTCs expire; 2004: 77% drop in new U.S. wind capacity.

    WHERE
    - GE has 34 wind farms in 13 states.
    - It is the U.S.’ biggest wind turbine manufacturer and the 2nd biggest manufacturer in the world.

    WHY
    - GE had a vested interest in funding the study because it is heavily invested ($3 billion) in New Energy.
    - The PTC kicks back 2.1 cents/kilowatt-hour produced to wind energy builders for the first 10 years of a project’s life.

    (From the GE study - click to enlarge)

    QUOTES
    Michael Eckhart, president, American Council on Renewable Energy: "Too often, politics, rather than economics, has shaped the debate about extending the production tax credit…GE's new study identifying additional economic benefits of the wind industry should bring all parties together."

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