NYSERDA cites tax credits, downward cost trends in push for next 2020 offshore wind procurement round
Brandon Burke, Policy & Outreach Director for the Business Network for Offshore Wind (BNOW), told New Project Media that the ITC is key to moving New York’s robust offshore wind industry forward.
“In 2019 alone, American states up and down the East Coast secured approximately 7,000 MW of offshore wind capacity,” Burke said. “This dramatically-expanding market shows that states are committed to offshore wind as a mechanism to combat climate change and green their electricity supplies. The phaseout for the ITC only places greater importance on that state-level leadership and cooperation on offshore wind. The Business Network for Offshore Wind supports both extending and increasing the federal renewable energy tax credits, especially the up-front investment tax credit, because the ITC is particularly effective for the capital-intensive offshore wind industry.”
BNOW anticipates that per MWh costs and U.S. offshore wind prices will continue to drop.