Last-Minute Tax Credit Extension Saves Thousands Of Green Jobs

According to the Natural Resources Defense Council (NRDC), roughly 37,000 professionals in the green industry were spared a pink slip.

As Congressional Republicans and the Obama administration battled at the end of 2012 over the so-called “fiscal cliff,” green technology advocates quietly waited to see how the government’s renewable energy tax credits – considered by many to be necessary to foster the country’s nascent industry – would come into play. While some feared that these important investments would be scuttled, progressive members of Congress succeeded during the 11th hour to ensure that they would be extended for the duration of 2013.

According to the Natural Resources Defense Council (NRDC), roughly 37,000 professionals in the green industry were spared a pink slip. Additionally, companies that had already mothballed their renewable energy projects, including German tech giant Siemens, are already beginning to call workers back in to resume operations.

The organization pointed to Vestas, a wind turbine manufacturing company, as an example of how this tax credit is spurring both employment opportunities and career growth. The business has hired 100 workers so far in 2013 to produce smaller, private devices that can be installed nationwide. Tony Knopp told the NRDC that the Production Tax Credit (PTC) was “a key factor” in its ability to continue expanding and hiring more personnel. 

The American Wind Energy Association, a U.S. trade group, announced on January 30 that 2012 saw over 13,124 megawatts of wind-derived electricity generation added to the national power grid. Thanks to the extended PTC, officials from the organization say that 2013 should be on par or even better than the previous year.

2013 could be a pivotal year for the U.S. green energy community, with the PTC providing necessary financing to organizations and companies that promote this sustainable form of power. Keep your eye out for new turbines thanks to the government’s decision to keep funds available for these worthwhile ventures. 

 

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