We’re calling on Congress to support wind energy businesses and investment by extending a critical tax credit. Click here to download a PDF of our letter.
Read the complete letter below:
September 20, 2012
Dear Speaker Boehner, Majority Leader Reid, Minority Leader Pelosi, Minority Leader McConnell:
We are CEOS and envoys of local chambers of commerce representing a national non-partisan network of 240 local chambers of commerce from 47 states around the country. Together, these chambers represent more than 220,000 businesses. As business and community leaders with members throughout the country, we know firsthand the economic development benefits of clean energy, wind energy in particular. We are writing to urge you to support the extension of the Production Tax Credit (PTC) for wind energy as part of any legislation containing tax provisions without delay. Thousands of jobs and billions of dollars of private capital are at risk without continued Congressional support for the PTC.
The PTC is the key mechanism for providing certainty to investors to encourage investment and job creation. We believe that our country and our economy cannot afford to give up or delay a decision on extending this important tax credit. Investors and businesses need certainty now, without which jobs and capital will go elsewhere.
In the seven years that the PTC has been continuously in place, installed wind capacity has grown sevenfold to nearly 47 Gigawatts representing more than $60 billion in private investment.[i] Wind energy has allowed many cities and regions to diversify their local economies and create new business opportunities. The PTC has enabled the industry to slash wind energy costs – 90% since 1980[ii] – a major reason why wind energy accounts for 35% of new power capacity installed in the last four years.[iii] Wind power reduces electricity prices for consumers, which are set by the operating costs of power plants, i.e. fuel prices. Wind is free, and once installed places downward pressure on electricity prices. Wind energy limits business risk from fuel price increases – the price of wind will always be zero, making it an ideal low-cost hedge against the ever-present and uncontrollable price volatility of traditional fuels.
There is broad and diverse business support for the Production Tax Credit for wind, ranging from the U.S Chamber of Commerce to the National Association of Manufacturers, and major corporations like Hewlett-Packard, Johnson & Johnson, Microsoft, Nike, Starbucks and Sprint. It now includes support from local chambers of commerce from around the country.
Ending the Production Tax Credit for wind will cost our communities jobs and valuable private sector investment, worse still, it will put us behind in this critical leg of the global race for clean energy innovation. America must lead this global race or risk ceding our technological leadership to others. Extending the Production Tax Credit for wind is economically sound policy: it creates jobs, promotes clean energy, keeps electricity prices low for consumers and promotes the vitality of our communities.
Chambers for Innovation and Clean Energy (CICE)
CICE Advisory Council Members
Jim A. Heeter, President & CEO, Greater Kansas City Chamber of Commerce (MO)
Steve Clark, President & CEO, Fayetteville Chamber of Commerce (AR)
Steve Falk, President & CEO, San Francisco Chamber of Commerce (CA)
Rob Clapper, President & CEO, Prince William Chamber of Commerce (VA)
Aaron Nelson, President & CEO, Chapel Hill-Carrboro Chamber of Commerce (NC)
Christy Gillenwater, President & CEO, The Greater Bloomington Chamber of Commerce (IN)
John Threadgill, President & CEO, Bartlett Area Chamber of Commerce (TN)
Marc Jordan, President & CEO, North Myrtle Beach Chamber of Commerce (SC)
Clif Harald, Interim President & CEO, Boulder Chamber of Commerce (CO)
Susan Graf, Former President & CEO, Boulder Chamber of Commerce (CO)
Nicole Stika, Director, Energy Programs, COSE – Council of Smaller Enterprises, Cleveland (OH)
Terrence Smith, Director of Government Affairs, Cambridge Chamber of Commerce (MA)
Clayton Poff, Director of Resource Efficiency, Bartlett Area Chamber of Commerce (TN)
Curtis Northcutt, Manager for Communications and Government Affairs, Fayetteville Chamber of Commerce, AR
Senate Finance Committee members
House Ways and Means Committee members
[i] American Wind Energy Association, “Federal Production Tax Credit for Wind Energy”, Fact Sheet, http://www.awea.org/issues/federal_policy/upload/PTC-Fact-Sheet.pdf
[ii] American Wind Energy Association, “Federal Production Tax Credit for Wind Energy”, Fact Sheet, http://www.awea.org/issues/federal_policy/upload/PTC-Fact-Sheet.pdf
[iii] American Wind Energy Association, Press Release, “Wind Rebounds in 2Q, but Continued Growth Depends on Consistent Tax Policy”, August 4, 2011, http://www.awea.org/newsroom/pressreleases/2q-2011-release.cfm