First established in 1992, the Production Tax Credit (PTC) reduces the cost of power from advanced energy projects by providing a credit for each kilowatt-hour produced. To qualify for the full credit, project developers must pay a prevailing wage to employees and support apprenticeship opportunities, providing an educational pathway to good-paying energy jobs. After 2024, the PTC becomes technology-neutral, allowing any generation technology that meets specific standards to qualify for the credit. New analysis indicates that if the technology neutral PTC and Investment Tax Credit (ITC) were repealed, residential energy prices will rise 7% by 2026 – a $110 annual bill increase on average – and keep climbing throughout the decade.
Coastal Virginia Offshore Wind (CVOW)
- Status: In Construction
- Location: 27 miles off Virginia Beach, VA
- Congressional District: Virginia 2nd
- Technology: Offshore Wind
- Relevant Tax Provision: Production Tax Credit (PTC)
- Fast Facts:
- When fully operational in 2026, CVOW will produce 2,600 megawatts of electricity, enough to power as many as 660,00 Virginia homes.
- During construction, CVOW has created 900 direct and indirect jobs each year, the majority of which are located in Hampton Roads.
- Once complete, it will support approximately 1,100 direct and indirect jobs annually.
South Fork Wind
- Status: Operational
- Location: Suffolk County, NY
- Congressional District: New York 1st and 2nd
- Technology: Wind
- Relevant Tax Provision: Production Tax Credit (PTC)
- Fast Facts:
- South Fork Wind is New York’s first offshore wind project generating 132 MW of power to 70,000 Long Island homes per year.
- South Fork created roughly 1,000 jobs across five states from construction to development.
- Offshore wind is powering the northeast with reliable, affordable energy while creating local jobs and generating economic development and tax revenue for New Yorkers.
Jumbo Hill
- Status: Operational
- Location: Andrews County, TX
- Congressional District: Texas 19th
- Technology: Wind
- Relevant Tax Provision: Production Tax Credit (PTC)
- Fast Facts:
- Jumbo Hill Wind generates over 160 megawatts of electricity, enough to power more than 48,700 Texas homes.
- Over the life of the project, Jumbo Hill will provide more than $30 million in tax revenue to state and local governments, as well as millions in payments to local landowners.
- Built with GE turbines, Jumbo Hill represents a $150 million investment and, during peak construction, employed approximately 250 people.