June 19, 2008

GE Says Renewable Energy Tax Credit Pays For Itself

A study released by General Electric says the U.S. government should renew a tax credit for renewable energy projects that failed in the U.S. Senate Tuesday, Reuters reports.

GE, the United States’ leading maker of electricity-generating wind turbines, says wind farms built last year that benefited from the credit will generate $250 million more in tax revenue over their lifetime than the program costs.

GE’s $250 million payoff figure does not take into account taxes paid to state or local governments or environmental benefits and is based on an estimated time frame of two years to build the wind farms and an estimated 20 to 25 years wind farm lifespan.

Wind currently makes up to 80 percent of GE Energy Financial Services’ $3 billion+ renewable-energy portfolio.

GE recently reported that revenues from its environmental portfolio topped $14 billion in 2007, up more than 15 percent compared with 2006, and the company’s “cleantech” fund — investment in cleaner technology research and development — surpassed $1 billion for the first time.

A study by the American Wind Energy Association found that U.S. wind power grew by 45 percent last year, to 16,818 megawatts.

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