Fact check: Heritage's Loris misguided on wind incentive
The Heritage Foundation's blog carried an article recently by Nicholas Loris criticizing the federal wind energy Production Tax Credit (PTC). The following comment was posted in response.
Federal tax incentives have helped all of our domestic energy industries to grow and produce the energy that our economy needs to function and prosper. For new energy technologies to gain a foothold in the marketplace so that the U.S. can diversify its energy portfolio and reduce its vulnerability to fuel price shocks, some degree of initial support is needed. Given those facts, the key question is: are renewable energy incentives out of line with those that have previously supported other energy industries? One particularly informative study by DBL Investors says no: “Current renewable energy subsidies do not constitute an over-subsidized outlier when compared to the historical norm for emerging sources of energy. For example: … the federal commitment to [oil and gas] was five times greater than the federal commitment to renewables during the first 15 years of each [subsidy’s] life, and it was more than 10 times greater for nuclear."
By comparing the wind Production Tax Credit (PTC) to a VHS production tax credit, Nick Loris belittles the role the PTC plays in providing thousands of American working families’ jobs and the means to make a living in a challenging economic time. Additionally, the PTC has leveraged up to $20 billion annually in new private investment in our struggling economy.
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