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The American Taxpayer Relief Act includes a one year extension of the wind production tax credit (PTC), which pays a credit of 2.2 cents per kilowatt-hour of energy produced. Wind power producers will now have the option to choose from the PTC, or the newly added investment tax credit, which is a credit of 30 percent of the total cost of the project, paid once wind power is produced.
“Before (the Taxpayer Relief Act amendments) the facility had to be placed in service by the end of the year,” said K&L Gates partner Charles Purcell. “They modified that so that in the case of wind, open loop biomass and geothermal, you’re allowed to claim the credit if construction begins before the end of this year.”
Broadwind Energy’s product and service portfolio provides its wind energy customers, including wind turbine manufacturers, wind farm developers and wind farm operators, with access to an array of component and service offerings. The company in November announced that it has been selected by U.S. wind turbine manufacturer to provide approximately $14 million of wind towers for delivery in 2013.
Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of industrial, military, alternative energy, aerospace, medical and semiconductor equipment, and aftermarket customers.