North Carolina Governor Patrick McCrory has signed Senate Bill 372, which extends the tax credit for renewable energy projects in the state for one year.
Renewable energy projects under 65MW and 80% complete by 1 January 2016 will now have access to the tax credit for an extra year up to 1 January 2017, after it was originally set to expire on 1 January 2016. Projects over 65MW will have to be 50% complete by 1 January 2016 to qualify for the tax credit.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
McCrory said: “I am pleased to sign Senate Bill 372 to bring new renewable energy projects online in North Carolina. Renewable energy is an important part of an all-of-the-above energy policy that produces clean power, creates jobs and generates revenue in communities that need it most.”
The news comes after a bill proposing to cut in half the lifetime and targets of North Carolina’s Renewable Portfolio Standards (RPSs) was voted down in April.
House Bill 681 introducing the Energy Ratepayers Protection Act failed to pass the House Public Utilities Committee on 22 April.
