The federal government is getting a boost in solar installation from the tax credit, and wind power producers are getting a big boost from wind power tax credits.
The Obama administration announced Friday that the solar and wind industry will get $1 billion in tax credits starting in 2021, as part of the administration’s effort to reduce the country’s dependence on foreign oil.
The incentives will provide incentives for wind power projects that have received federal tax credits and installers to build wind farms and solar power plants.
The program will be paid for through a $3.6 billion increase in wind farm production and a $1.5 billion boost for solar installations.
The wind energy tax credits are intended to encourage developers of new wind and solar energy projects to invest in wind turbines and solar cells.
The incentives are expected to boost the solar industry’s tax credit production from $15.7 billion in 2020 to $28.7 to $32.5 million by 2021, according to the White House.
That will be a boost of almost $6 billion.
The wind tax credits will be $2.1 billion a year.
Wind energy production in the U.S. grew by an average of 8 percent annually between 2007 and 2020, according the U