Heinrich Touts Clean Energy Tax Credits In Economic Stimulus, HFCs Phasedown

WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.) touted the inclusion of clean energy tax credits in the $1.4 trillion federal spending and tax extension package that is expected to be voted on soon.

"I am pleased this bipartisan agreement extends and expands tax incentives for clean energy, which are proven ways to grow both the wind and solar energy industries in New Mexico and bolster nation’s efforts to combat climate change. We saw new evidence of this just last week with the completion of the Sagamore Wind Project--the largest wind farm in our state's entire history," said Heinrich. "As we look for the best ways to rebuild our economy in New Mexico and across the nation in the face of the challenges brought on by the Covid-19 pandemic, we absolutely need to double down on wind and solar. New Mexico is poised to become a major producer and exporter of clean power—and create thousands of new jobs in the process. I will continue to work to diversify our economy so that we can create more opportunity for all New Mexicans."

The package includes a two-year extension of the Investment Tax Credit for solar power, a one-year extension of the Production Tax Credit for wind power projects, and a new five-year, 30% tax credit for offshore wind projects. It also phases down superpollutant HFCs, positioning the U.S. to lead the world in staving off nearly 2 degrees Fahrenheit of global warming.

Senator Heinrich, a member of the Senate Energy and Natural Resources Committee, has been a leading advocate of tax credits to support the development of wind and solar energy. He originally spearheaded efforts in 2015 to secure a multi-year extension of wind and solar production and investment tax credits that encourage companies and investors to support major projects like the Sagamore Wind Project. Over the last few years, New Mexico has seen an increase in construction of more utility-scale wind farms made possible by those pro-growth tax policies.