Statement from Citizens for Responsible Energy Solutions on Renewable Tax Credit Extension

Following an April 23 letter from Senate Finance Committee Chairman Chuck Grassley and other senators asking for an extension on tax credits for renewable energy projects, the United States Treasury Department said Thursday it would modify the regulatory guidance pertaining to the Production Tax Credit (PTC) and Investment Tax Credit (ITC) as it relates to the continuity of safe harbor provision.

CRES welcomes this development, and thanks Chairman Grassley and his colleagues for their leadership, especially at a time when unemployment has reached a record high and the beleaguered renewable energy industry has been hit by COVID-19-related shutdowns.

Heather Reams, CRES Executive Director, said:

“The renewable industry has been one of the fastest-growing sectors in the U.S. economy over the past few years.  These are labor-intensive projects that are being built in congressional districts and states all across this great country.  However, the economic hardship unleashed by this pandemic is showing no mercy on projects already in development.  More than 25 gigawatts of renewable energy projects were jeopardized through no fault of their own.  Thanks to the continued leadership of Chairman Grassley and other Republican members of both the Senate Finance and Senate Energy Committees, these projects now have more certainty as to whether they will receive critical financing as we reopen the economy.  As we move from relief to recovery, renewable energy can lead the way.”

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