Q: Has the federal incentive for wind energy production been re-approved?
A: Yes. During a visit to Iowa in early October, the president signed into law a tax bill that extends the federal tax break for harnessing wind power to produce electricity. The renewal of the federal tax credit ought to breathe new life into a pipeline of proposed wind energy projects across the Great Plains and around the country. It certainly spells good news for Iowa farmers and investors interested in helping to sow the seeds of homegrown, renewable energy and reap some profits along the way. The tax break gives qualifying wind turbines built by the end of 2005 a 1.8-cent credit for each kilowatt hour of electricity produced through 2015. As chairman of the tax-writing Senate Finance Committee, I won the effort to renew the wind energy tax credit. Making wind energy more competitive is good public policy that will help clean the environment, stimulate economic development and create jobs in rural America, too.
Q: Why are you such a tireless advocate for wind energy?
A: For years I have led a crusade in Washington to encourage the development, production and consumption of alternative, renewable energy. As the author of the first-ever wind energy tax credit, I also champion federal measures to promote ethanol, soy diesel and biomass. I won an expansion of biomass incentives to include livestock waste. America needs a long-term national energy strategy that fuels our energy independence and brings greater stability to consumer energy prices. Our dependence on fossil fuels keeps the U.S. economy and national security interests at the mercy of oil-rich nations. Just consider the current sky-high prices for crude oil. When prices hit $50 per barrel or more, American motorists get hit hard at the pump. And homeowners heating their homes with oil, natural gas or electricity generated by conventional power plants paying inflated prices for fossil fuels can expect to shell out an awful lot of money to keep warm during the long Iowa winter. Now with even better technology and improved turbines, wind energy has the opportunity to blow away shadows of doubt about its potential to meet America’s energy needs and bring down energy prices. Powering more homes with renewable wind energy ought to ease demand for natural gas. It’s estimated that just one large turbine can produce enough power to serve 300 to 400 homes. What’s more, wind energy farms offer a good way for farmers to diversify their earnings and add significantly to the local property tax base. And boosting tax receipts in depopulated areas can make a tremendous difference in helping local governments maintain essential services to their residents.