Wind and Solar Lobby for Tax Credits
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Lobbyists of all stripes are on Capitol Hill seeking renewals of tax credits as 2014 comes to a close, with groups pushing for renewal of what are known as “tax extenders” — a diverse group of tax breaks that must be renewed from year to year. Among those lobbying for the tax extenders are wind and solar industry representatives. Kenric Ward at Watchdog.org reports that billions of dollars’ worth of energy subsidies could expire at the end of the year.
Who gets the tax credits? Primarily, wind and solar. According to the International Energy Research Group, for every unit of energy produced, oil receives 64 cents in federal tax credits, and nuclear power gets $3.14. But the real money is in wind and solar power: wind power receives $56 for every unit of power produced, while solar power takes in a staggering $775.
These tax credits are hardly commensurate with their respective industries’ contributions — wind and solar are responsible for just 11 percent of American electricity, yet the industries receive 77 percent of federal tax breaks, says Ward.
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