An existing federal tax credit for residential renewable energy systems, specifically solar, wind, and geothermal, is set to expire at the end of 2016. The NEWS has covered what this means for the burgeoning geothermal market extensively, but the lesser heralded solar and wind markets will also be affected. The tax credit has undoubtedly been a boon for both the solar and wind industries, and while some have presented benefits to letting the credits expire and go away, many more are hoping they’ll be extended and renewed.
According to the 2014 Wind Technologies Market Report, per Energy.gov, “the total installed wind power capacity in the U.S. grew at a rate of 8 percent in 2014 and now stands at nearly 66 gigawatts [GW], which ranks second in the world and meets 4.9 percent of end-use electricity demand in an average year. The U.S. was the global leader in total wind energy production in 2014.”