Oklahoma Gov. Mary Fallin (R) signed legislation Monday to end the state’s tax credit for wind power this year.
Wind farms that start producing energy after July 1 this year will not be able to claim the credit under the new law. The credit was originally set to expire in 2021.
In a statement, Fallin welcomed the growth in wind power that the credit brought on, but said the state’s tight budget necessitated rescinding it early.
“It is time to ensure that Oklahoma has a bright future, and continues its position as a prominent energy state.”
Oklahoma ranks No. 3 in the country in installed wind capacity, with almost 7,000 megawatts. It provide more than a quarter of the state’s electricity.
The tax credit cost $3.7 million in 2010, but the industry growth increased its use to $113 million in 2014, the Tulsa World reported.