Abstract
The last few years have seen the passage of a wide variety of federal and state legislation designed to encourage renewable energy technologies in general and wind power in particular. Key laws include: (a) The Public Utility Regulatory Policy Act of 1978, (b) The Crude Oil Windfall Profits Tax Act of 1980, (c) The Economic Recovery Tax Act of 1981, (d) The Wind Energy Systems Act of 1980. This paper reviews the most significant aspects of these laws from the perspective of wind power development. The paper then presents a discussion of one approach—use of a limited partnership and tax sheltered financing—as it would be applied to a wind park. Overall cash flows, returns, and tax implications of the hypothetical venture are presented.
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