US Congress passes 5-year PTC/ITC extensions

The legislation now heads to the desk of President Barack Obama, who intends to swiftly sign it into law.

For the US renewables market, the importance of the five-year extensions – running through 2019 for the wind production tax credit and through 2021 for the solar investment tax credit – can scarcely be overstated.

During the 2016-21 period, the PTC extension will spark the creation of an additional 19GW of new wind capacity and 18GW of solar, according to a Bloomberg New Energy Finance (BNEF) analysis.

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