News Releases for August 2005
August 31, 2005
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Hoeven: State's Initiatives Important In Developing Wind Energy Opportunities
BISMARCK, N.D. - Gov. John Hoeven today helped break ground on a new 18-tower wind farm near Velva, bringing new jobs and revenue to the region, while generating enough energy to power thousands of households. The project is an important development in the state's efforts to expand its wind energy industry.
"This is just the kind of project we had in mind when we initiated tax credits and other measures to create a favorable business climate for wind energy in our state," Hoeven said. "These incentives, along with our efforts to work with wind energy developers, have resulted in five wind farms currently under development across North Dakota."
During the last two legislative sessions, Hoeven initiated a broad range of incentives to further expand the state's wind energy industry and help promote wind development projects such as the wind farm in Velva.
- A 3 percent income tax credit for wind projects covering the actual cost of acquisition and installation of wind energy devices for five tax years.
- A property tax reduction that reduces the assessed value of a wind turbine electric generation unit to 1.5 percent.
- A sales tax exemption for construction of a wind powered electrical generating facility.
- A North Dakota Transmission Authority to promote new and substantial investments in transmission lines in North Dakota and to facilitate the planning and investment process.
- A regional energy credit tracking and trading program which allows the trading of renewable energy credits to plants in other states.
- The streamlining of siting rules for wind farms.
- North Dakota has one of the most extensive wind monitoring programs in the country.
- The creation of an Office of Renewable Energy and Energy Efficiency, to work with the programs and help companies develop wind farms in North Dakota.
"North Dakota has the greatest potential for wind energy generation of any state in the nation," Hoeven said. "By continuing to create a strong business environment for wind energy development, we are securing North Dakota's future as an energy leader."
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