U.S. Sen. Martin HeinrichU.S. SENATE News:
WASHINGTON, D.C. ― U.S. Sen. Martin Heinrich (D-N.M.) introduced the Electric Power Infrastructure Improvement Act Friday to provide a new investment tax credit that will help promote the construction of regionally significant transmission projects across the U.S.
Heinrich’s legislation will help drive investments needed to not only alleviate the current strain on existing transmission lines, but improve the resilience of the grid and support new projects that connect modern renewable energy resources to the power demands of regional consumer markets.
“Despite all the progress we have made in the last decade in clean energy generation and changes in consumer demand, we are simply not doing enough to incentivize investments for the required transmission capacity,” Heinrich said. “Tax incentives have proven to be a major signal to investors to put their capital behind wind and solar. We should encourage the same type of growth for the infrastructure that will deliver the power from these resources to market.”
As a member of the Senate Energy and Natural Resources Committee, Senator Heinrich has been a champion for building a more secure and robust 21st century energy infrastructure, which is critical to realizing the nation’s true clean energy potential and creating jobs.
“This is absolutely about meeting our moral obligation to address the climate crisis, but modernizing our electric transmission infrastructure is also a smart investment in creating high-quality jobs, which we’ve seen firsthand in New Mexico,” added Heinrich.
The Electric Power Infrastructure Improvement Act would provide a 15 percent investment tax credit for overhead and 25 percent credit for underground or submarine transmission projects.
Projects that would qualify for the investment credits are:
- Overhead, underground or offshore transmission lines, including ancillary facilities;
- At least 1000 megawatts and 345 kilovolts in capacity;
- Either alternating current (AC) or direct current (DC);
- Deliver power produced in either a rural area or offshore; and
- Be placed in service by Dec. 31, 2029.
To view a copy of S. 3107, the Electric Power Infrastructure Improvement Act, click HERE.