Extended tax credits could push up wind power production over the next three years and beyond, according to an Energy Information Administration (EIA) report released today.
After Congress' January approval of an extended "renewable electricity production tax credit," energy companies remain eligible for significant tax credits for building wind farms over the next three years.
With an influx of new wind, generation could increase by as much as 34% by 2016, 9% higher than the EIA had previously calculated.
Although Congress' green light included other tax credits for energy efficiency improvements, biofuels, and utility-scale renewable, the EIA's analysis shows that wind wins the most from the new extension, since "generate power by 2013" deadlines have been shifted to "begin construction by 2014" mandates.
Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why Constellation Brands Stock Soared 49% in 2017
Surging sales and higher profits powered a great year for this alcoholic beverage giant.
Will 2018 Be Celldex Therapeutics, Inc.'s Best Year Yet?
Celldex Therapeutics stock might double within the next six months. Here's why.
Ripple Just Landed Its Second Brand-Name Partner in 2 Months
Ripple and its blockchain are going all-in on the financial services industry.