QUICK NEWS, June 26: New Head Of Trump’s New Energy Office Backs Coal?!?!?! - Solar Tax Credit Gets Full Life
New Head Of Trump’s New Energy Office Backs Coal?!?!?! Trump’s Pick to Head the Renewable Energy Office Has a Soft Spot for Coal; Who is Daniel Simmons—and does he really believe the government should treat all energy sources equally? (His boss doesn’t.)
Jeff Turrentine, June 22, 2018 (Natural Resources Defense Council)
“…[Daniel Simmons, who heads the Department of Energy’s Office of Energy Efficiency and Renewable Energy, previously worked for the American Legislative Exchange Council (ALEC) and the Institute for Energy Research (IER), which are pro-fossil-fuels organizations funded by Koch brothers money. He] has published opinion essays in major U.S. media extolling the virtues of coal…[He is on the record as opposing supports for] renewable energy through subsidies, tax incentives, or the state-level measures…He has argued that renewable energy mandates cost jobs, gouge consumers, and fleece taxpayers—even though there is a wealth of evidence to refute these arguments…[He also has argued no energy sources should get government support but has failed to speak out on White House proposals to support] coal and nuclear energy…[He goes before the Senate today] for his confirmation vote…” click here for more
Solar Tax Credit Gets Full Life IRS gives big solar two more years; The IRS, via Notice 2018-59, has modified the Investment Tax Credit to allow solar projects to begin construction by the end of the 2019, and still get the 30% – versus being in service by that date.
John Weaver, June 25, 2018 (PV Magazine)
“…[Medium- and large-scale solar power projects that expect to take a year to two (or more) for development and construction just got a two year extension on the Investment Tax Credit (ITC)…[A new Internal Revenue Service (IRS) ruling officially replaced the requirement to bring solar projects online by the tax credit’s deadline date with a requirement to begin construction by a deadline date. That means that instead of the solar project having to finish by December 31st, 2019, it must now begin construction, defined as 5% of the work or investment, on or by that date to qualify for 30% tax credit. The same time schedule] applies to the follow two years and their 26% and 22% tax credits…This two year window will give investors and utilities reasonable motivation to invest in more projects, even as end of year dates arrive. And this in turn can have repercussions for fossil generation, as Xcel noted that this would allow it to close two coal plants a decade early…[T]here could also be projects whose timelines are extended…under the expectation of continued declines in hardware pricing…” click here for more