In 2008 U.S. investment in the wind power industry totalled $17 billion and saw wind energy output boosted by 8,300 megawatts. This was substantial enough to make the U.S. the world leader in wind power, overtaking Germany.
The U.S. now produces approximately 25 gigawatts of electricity from wind power, which is enough to provide power for seven million homes.
This investment boom in wind power is likely to slow down drastically this year despite the fact the Obama administration is looking for ways to reduce dependence on oil.
The credit crisis in the U.S. has devastated financing for large-scale wind power projects. Hopefully the economic stimulus bill will provide the wind power sector with a gust of help. Wind power jobs are already being cut and the momentum of 2008 is being lost.
The 30% renewable energy tax credits for wind power investments doesn’t mean what it once did now that companies are worried more about making any money at all. The result is very little concern for finding tax breaks compared with sound investments.
As we reported earlier, renewable energy tax credits could become grants that would be received without 60 days of a wind power investment. If that makes it through Congress it would result in a lot more wind turbines going up this year than if it’s only a tax credit.