Bipartisan Senate group seeks long-term offshore wind credits

Four senators are pushing legislation that would ensure long-term tax credits for the fledgling offshore wind industry.

Sens. Tom Carper (D-Del.), Susan Collins (R-Maine), Sherrod Brown (D-Ohio) and Olympia Snowe (R-Maine) introduced a bill Wednesday to extend production and investment tax credits for coastal projects until 2020.

There are currently no U.S. offshore wind farms, but several are at various stages of the planning process.

Tax credits are currently available for wind energy projects (onshore or offshore) that begin operating before the end of 2012.

But the senators say that offshore developers need the extended credit because their projects have longer lead times for permits and construction.

“Guaranteeing these tax incentives through 2020 will provide companies with the certainty they need to plan for the long term and encourage further development even in these challenging economic times,” Carper said in a prepared statement.

The company NRG Bluewater Wind plans to build a wind farm off Delaware’s coast that the company claims will provide enough energy for up to 100,000 households.

The four lawmakers will face a challenge gaining traction for their bill – Congress has typically extended renewable energy tax credits in far shorter increments than the extension they’re seeking.