Onsite Wind Power Now More Affordable Than Ever
February 12, 2018 – Barre, VT: Northern Power Systems praised the provision in the Federal budget deal passed on Friday that supports small wind and other renewable technologies with significant tax incentive boosts.
“The expanded Tax Credit allows corporations and farm/agricultural operations of all sizes to reduce the cost of energy and realize the monetary value of their natural renewable resources,” stated Ciel Caldwell President and Chief Operating Officer of Northern Power Systems. “It will also support Northern Power’s expansion in the United States as we continue to deliver reliable, technologically advanced turbines across the nation’s heartland.”
The provisions allow for owners of and investors in distributed wind power projects – which supply power to onsite or to other local operations – to realize an immediate tax credit in the amount of 30% of the total cost of the project. The small wind Investment Tax Incentive (ITC) will stay at 30% for two years until it begins to step down, and the program will continue through 2021. Before this provision was enacted, the tax credit for small wind was 18%.
Northern Power manufactures, sells and develops turnkey wind power systems in the US and across the globe with its NPS 100wind turbine for a broad customer base, including corporations, dairy and other farms, municipalities, travel centers and truck stops, waste water treatment facilities and others.
“Whether a purchaser of an NPS 100 turbine in the U.S. is driven by sustainability and/or the desire to reduce energy costs, the increased tax credit reduces the cost and enhances the economics surrounding an investment in distributed wind,” said Chris McKay, Director of Sales at Northern Power Systems.
In a press release on Friday, the Distributed Wind Energy Association (DWEA) also praised the legislation. (see more: http://distributedwind.org/dwea-lauds-new-itc-legislation-supporting-distributed-wind-power/)
About Northern Power
Northern Power Systems designs, manufactures, and installs distributed power generation and energy storage solutions with its advanced wind turbines, inverters, controls, and integration services. With a global fleet of over 800 turbines with more than 19 million run-time hours across its fleet, Northern Power wind turbines provide customers with clean, cost-effective, reliable renewable energy. NPS turbines utilize patented permanent magnet direct drive (PMDD) technology, which uses fewer moving parts, delivers higher energy capture, and provides increased reliability thanks to reduced maintenance and downtime. Northern Power Energy Storage Solutions (ESS) are based on the FlexPhase™ power conversion platform, which features patented converter architecture and controls technology for advanced grid support and generation applications.
Northern Power has been a technology innovator for over 40 years and serves clients around the world from its US headquarters and European offices. To learn more, visit www.northernpower.com
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This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, supplier performance, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, expansion into new markets, and execution of the company’s growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the wind power industry; production, performance and acceptance of the company’s products; our sales cycle; our ability to convert backlog into revenue; performance by the company’s suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systems’ risk factors discussed in filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to Northern Power Systems’ Annual Report on Form 10-K filed on March 31, 2017, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Marketing Manager, Americas
Northern Power Systems