We’re happy to report the Oklahoma Incentive Evaluation Commission voted yesterday to accept the evaluations conducted by an independent firm, The PFM Group, regarding the negative impact of Wind Tax Credits in Oklahoma.
Here are just a few evaluations noted in the report
- “While the credits will be closed to new recipients in 2021, the additional possible eligible facilities (and the 10 years credits for each) create a significant threat to the State budget.”
- “There are not current adequate protections (such as caps) to deal with possible future fiscal impact.”
- The committee also “recommends that facilities claiming a credit be required to provide monthly data related to generated energy and projections related to use of the credit.”
- “A significant portion of the expected new development in wind facilities is to provide energy for transmission to users in other states. In this case, there is no real benefit for Oklahoma consumers in subsidizing the generation of this electricity.”
A final report will be submitted to the governor and legislature by December 15. In the meantime, there is still work to do! The report recommends ending the credits by Jan. 1, 2018, but we must stop any additional new credits earlier. New wind projects are being announced every day and the impact to our state budget will be devastating if we don’t act sooner. Ending the credits by July 1, 2017 could cut our losses by $3.7 billion, allowing Oklahoma to invest more in education! More information is available at http://windwaste.wpengine.com/actnow/
The full report can be found here