Oklahoma ends wind power subsidy

Oklahoma ends wind power subsidy
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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.

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“The zero emissions tax credit was key to the growth of wind energy in Oklahoma, and I’m grateful to the industry for their ambitious successes, as well as their willingness to work with the state to address our challenging budgetary circumstances,” she said.

“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.