The extension of the federal wind energy production tax credit will allow developers to move forward with their renewable energy projects, including the proposed Cape Vincent Wind Farm, according to BP Wind Energy.
We are pleased that Congress passed the common sense extension of the PTC (production tax credit). This will allow wind energy developers to move forward with plans for new projects in 2013, while providing an opportunity to discuss ideas on the proper role of the PTC moving forward, BP spokeswoman Amanda Abbott said in an email to the Times.
Extended for another year as part of the fiscal cliff package approved Tuesday by Congress, the credit now will be made available for all wind projects that break ground in 2013, instead of limiting the incentive to wind farms that are operational by the end of the year.
The $12 billion tax credit provides 2.2 cents per kilowatt of electricity generated for the first decade of a wind farms operation.
BPs proposed $300 million project, however, is unlikely to begin in time to be eligible for the tax credit unless Congress extends it once more.
According to BP, the proposed 124-turbine Cape Vincent Wind Farm will generate up to 285 megawatts of electricity.
BP plans to submit an application for a state Article X siting review this year and hopes to have its proposed wind farm operational by the end of 2014, Ms. Abbott said.
The Article X siting process generally imposes a 12-month deadline for the review of the construction and operation of electric-generating facilities of 25 megawatts or higher.