Starbucks, J&J,17 Other Cos. Tell Congress to Extend Wind Tax Credit
Starbucks, Johnson & Johnson, Sprint and 16 other companies have sent a letter to Congress, urging elected officials to extend the wind production tax credit (PTC) before it expires at the end of 2012.
The PTC, originally signed into law by President George H.W. Bush seven years ago, provides a tax credit of 2.2 cents per kilowatt-hour of renewable power generated.
The letter says the PTC has cut wind energy costs 90 percent since 1980. Wind supplies more than three percent of US demand and accounts for 35 percent of new power capacity installed in the last four years, it says.
Installed wind capacity represents more than $79 billion in private investment, according to the letter.
Signatories to the letter also included Akamai Technologies, Annie’s, Aspen Skiing Company, Ben & Jerry’s, Clif Bar, Jones Lang LaSalle, Levi Strauss & Co, New Belgium Brewing, The North Face, Pitney Bowes, the Portland Trail Blazers, Seventh Generation, Stonyfield Farm, Symantec, Timberland and Yahoo. Many of these firms are members of Business for Innovative Climate & Energy Policy (BICEP), a project of Ceres.
Many of the firms are repeat signatories. In June, Microsoft and Sprint petitioned congressional leaders for an extension of the PTC. And a group of 15 companies including Starbucks, Nike, Campbell’s Soup, Staples, and Yahoo signed a similar letter in February.
But Johnson & Johnson is a new addition, and is the second-largest company to call on Congress to extend the credit, ranking42nd in the Fortune 500. Microsoft is the largest, at 37th.
The CEOs and envoys of 240 local chambers of commerce from 47 states, representing more than 220,000 businesses, have also sent a letter to Congress asking it to extend the PTC. It says wind energy has allowed many cities and regions to diversify their local economies and create new business opportunities, and “thousands of jobs and billions of dollars” are at risk.
The US has installed a total of 50 GW of wind energy capacity, according to the American Wind Energy Association. But the PTC’s scheduled expiration date has caused the industry’s manufacturing supply chain to start slowing down, given the 18-month project development cycle under which the industry operates.
AWEA says industry layoffs have already begun, and extending the PTC could save 37,000 jobs by the first quarter of 2013.
- Environmental Leader Technology Reviews
- The Logistics, Carbon, and Business Data Book: Fall 2012 Sustainability Trends
- 2013 Insider Knowledge
- Guide to Energy, Carbon and Environmental Software
- How "Fixed" is the Fixed Price Product?
- 10 Ways to Slash Energy Cost & Reduce Budget Uncertainty
- How to Automate the Collection & Delivery of Utility Billing Data
- EHS Managers: The Evolution from Necessary Evil to Vital Leaders
- The Impact of a Changing Workforce on Facilities Management
- Q4 2013 Sustainability Trends - The Logistics, Carbon and Business Data Book
- Smart Building Technology: The Key to Comprehensive Building Performance
- What Energy Managers Need to know about Procuring Natural Gas: Guidance for 2014 Natural Gas Contracts
- Energy Optimization from the Boiler Room to the Board Room
- Your Roadmap for Energy Management: First Stop – Myths & Realities of Energy Purchasing
- Control the Balance of Power: The Future of Intelligent Energy Systems