Northern Power Systems Praises New ITC Legislation Supporting Local Wind Power Projects

Northern Power Systems praised the provision in the Federal budget deal passed on Friday that supports small wind and other renewable technologies with significant tax incentive boosts.

“The expanded Tax Credit allows corporations and farm/agricultural operations of all sizes to reduce the cost of energy and realize the monetary value of their natural renewable resources,” stated Ciel Caldwell President and Chief Operating Officer of Northern Power Systems. “It will also support Northern Power’s expansion in the United States as we continue to deliver reliable, technologically advanced turbines across the nation’s heartland.”

The provisions allow for owners of and investors in distributed wind power projects – which supply power to onsite or to other local operations – to realize an immediate tax credit in the amount of 30% of the total cost of the project. The small wind Investment Tax Incentive (ITC) will stay at 30% for two years until it begins to step down, and the program will continue through 2021.  Before this provision was enacted, the tax credit for small wind was 18%.

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Northern Power manufactures, sells and develops turnkey wind power systems in the US and across the globe with its NPS 100wind turbine for a broad customer base, including corporations, dairy and other farms, municipalities, travel centers and truck stops, waste water treatment facilities and others.

“Whether a purchaser of an NPS 100 turbine in the U.S. is driven by sustainability and/or the desire to reduce energy costs, the increased tax credit reduces the cost and enhances the economics surrounding an investment in distributed wind,” said Chris McKay, Director of Sales at Northern Power Systems.

Source: Northern Power Systems Corp.
Date: Feb 12, 2018