The US Senate Finance Committee has approved a bill that includes a two-year extension of production and investment tax credits for hydropower and other renewable energy technologies.
The bill - Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act - has been welcomed by industry, with the National Hydropower Association saying the tax incentives have been critical to promoting the development of additional hydropower across the country.
"Since 2005, over 120 upgrades have been financed in part by these incentives, resulting in an average 10 percent generation increase," said Linda Church Ciocci, NHA Executive Director. "That's tens of thousands more American homes with access to clean, reliable hydropower. As we look to meet the nation's energy, environmental, and economic challenges, hydropower will have a vital role to play and the PTC encourages developers to continue its expansion.
"The tax incentives promote the development of the nation's largest existing renewable resource: hydropower. We urge the Senate to move quickly to pass the extenders package and look forward to working with House leadership on similar legislation as soon as possible."