Here’s how massive the the “shift” from natural gas to green energy is predicted to be:
For months, conservative groups have warned extending soon-to-expire green energy subsidies would be a huge win for Obama’s plan to fight global warming. Tax credits for wind and solar have been major drivers behind green energy growth.
In 2015 alone, wind and solar companies saw $11.5 billion in tax equity swaps to bring more green energy online. In 2014, green companies benefited from $10.1 billion in tax equity swaps, Renewable Energy World reported. A tax equity swap is when an investor buys into a green energy project in exchange for reaping all the tax benefits.
In the case of wind power, Congress extended a generous tax credit paying wind turbine operators 2.3 cents per kilowatt hour of electricity produced for the first 10 years of operation. For solar, companies get a tax credit equal to 30 percent of the system’s total cost until 2021.
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