Minnesota, United States [RenewableEnergyWorld.com] A typical 2-megawatt (MW) wind turbine can provide enough electricity to power approximately 600 average American homes. So why is it nearly impossible for those same 600 households to pool their resources and own a wind turbine?
Broadening Wind Energy Ownership by Changing Federal Incentives, a new policy brief from the New Rule Project and the Institute for Local Self-Reliance (ILSR) takes a look at how removing or amending two barriers to owning and investing in renewable energy projects, tax credit eligibility limitations and SEC filing restrictions, can pave the way for energy independence through community owned renewables.
“Current federal law discriminates against people owning their own power plants,” said John Farrell, author of the policy brief. “The federal tax incentive is unavailable for the average person, and security regulations make local ownership difficult.”
According to the brief, amending the language about who is eligible to receive production and investment tax credits for an energy project combined with creating a simplified way for a community-owned renewable energy projects to file with the SEC would do much to help promote the use of renewables and community ownership of renewable energy projects.
For more information about the ILSR and New Rules Project or for a copy of Broadening Wind Energy Ownership by Changing Federal Incentives, click here.