“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.