In an effort to strengthen Delaware’s economy, Senators Tom Carper and Chris Coons along with Rep. John Carney introduced legislation that would extend incentives for offshore project investments in the First State.
The three Democrats’ proposal is known as the Offshore Wind Power Act and defines offshore facilities as any facility located in the inland navigable waters of the U.S.
“As Congress works to responsibly reduce our deficit, we need to continue to maintain important investments in areas critical to economic growth, like renewable energy, manufacturing and job training programs,” said Congressman Carney.
“This bill will help get turbines moving and, in conjunction with other policies, could help get the first generation of offshore wind projects providing clean, sustainable electricity to our communities,” said Sen. Coons.
The goal is to creating stability in the offshore wind industry. The Offshore Wind Power Act would extend investment tax credits for the first 3,000 Megawatts of offshore wind facilities that go into service.
“Wind energy generated off our shores has the potential to strengthen domestic energy production, lower energy costs, and create jobs,” added Senator Coons.
“Developing wind energy off our nation’s shores, especially in places like Delaware, is a critical part of boosting American energy independence and jump starting our clean energy economy,” said Senator Carper.
A University of Delaware study supports Sen. Carper’s statement. According to the University of Delaware the winds off the Atlantic Coast could potentially generate 330 gigawatts of power. That’s enough to replace about 300 large coal plants and supply power for nine states from Massachusetts to North Carolina.
However, once companies receive tax credits, they will have only five years to get an offshore wind facility up and running. Also, such companies as a result of receiving the credit will not be able to get any other investments tax credits.