Home > Property & Casualty > Wind project tax credits also fuels renewable energy insurance options

Wind project tax credits also fuels renewable energy insurance options

A recent report by the American Wind Energy Association outlined the impact of renewable energy tax credits from the Federal Government (the 1603 program). They reported that “the 1603 tax credit program restarted stalled projects and saved all 40,000 jobs at risk. This year, a study by Lawrence Berkley National Laboratory found that the 1603 tax credit supported shovel-ready projects and over 50,000 American jobs. The 1603 program actually led to a record-breaking year of 10,000 megawatts (MW) of new wind in 2009, compared to the 4,000 MW feared prior to the Recovery Act.”

This growth in the Renewable Energy sector, including wind, has increased the availability of insurance competition and product development. New products have been introduced by various insurers for wind farms, solar panel farms, green roof construction, geothermal plant and systems integrators. Expanded insurance products are now available from Chubb, ACE, Zurich and Chartis.

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