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Tax credit extension boosts Mass. wind industry

The extension of wind energy tax credits — passed as part of the fiscal cliff deal — includes a key change that will make it easier for wind ­developers in Massachusetts and elsewhere to obtain what are viewed as crucial incentives for a burgeoning industry.
 The production tax credit pays eligible projects 2.2 cents per kilowatt hour for the first 10 years of production, making the energy competitive with electricity generated by natural gas. The investment tax credit pays 30 percent of costs for small, community wind farms and offshore wind projects.

Lawmakers tweaked the eligibility requirements so that projects that begin construction in 2013 may apply for the incentives. Previously, projects had to be generating power by year’s end to qualify. That was an uncertain prospect that made it more difficult to attract financing, given the length of time — 18 to 24 months — and complexity of building a wind farm.

The change, state officials and wind energy developers said, should boost development in Massachusetts and elsewhere because it provides investors with the assurance they need to back wind projects.

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Encouraging Quote

“Instead of giving myself reasons why I can’t, I give myself reasons why I can.”

~Unknown~

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