Avoiding the so-called “fiscal cliff” could provide a major boost to the US biofuels, energy efficiency, and electric car sectors, as well as the fast-expanding wind energy industry.
While the decision to extend the crucial Production Tax Credit (PTC) for wind farm developers was widely praised by renewable energy and environmental groups, the bill that averted potentially crippling tax hikes and spending cuts also extended incentives and subsidy schemes for a wide range of clean technologies.
Renewable energy and other green businesses had been concerned that a failure to agree another year of tax breaks would threaten investment across the sector.
But alongside an extension of the Production Tax Credit (PTC) for wind farm developers, a range of other support mechanisms for green industries also survived attempts by Republicans to row back on support for clean technology programmes.
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