Incentivizing Offshore Wind Power Act

Senator Tom Carper (D-Del.) and Senator Olympia Snowe (R-Maine) brought forth legislation that has financial incentives for the investment of offshore wind energy. Cosponsers include Senators Robert Menendez (D-NJ), Susan Collins (R-ME), Chris Coons (D-DE), Sheldon Whitehouse (D-RI) and Sherod Brown (D-OH). Senator Menendez was quoted as saying “ This targeted, temporary incentive will be critical in jumpstarting the industry and creating thousands of jobs.”

The Act provides the offshore wind industry with extended investment tax credits for the first 3,000 MW of offshore wind facilities; about 600 turbines.

Once awarded a tax credit companies have a five-year window to build offshore wind farms.

The regions specified in the bill are inland waters of the U.S. including the Great Lakes, coastal waters, the economic zone and OCS.