Letter of Support: NC Agricultural Business Leaders

Letter of Support: NC Agricultural Business Leaders

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Dear North Carolina Legislators,

The North Carolina Renewable Energy Investment Tax Credit has been a vital piece of legislation resulting in significant job creation, financial investments and lasting energy infrastructure across North Carolina. In a highly regulated energy market, this tax credit helps to level the playing field for 21 renewable and clean energy technologies. As business leaders, we employ thousands of people in North Carolina and we recognize the value this credit is bringing to our company, our employees and our communities. We ask that you continue the Renewable Energy Investment Tax Credit, which is currently scheduled to expire on December 31, 2015.

Access to renewable energy technologies can be difficult for companies like ours in highly regulated electricity markets such as North Carolina. Nonetheless, these technologies allow our company to meet our financial and sustainability goals and are important to our success in North Carolina. The Renewable Energy Investment Tax Credit makes these technologies accessible, improving North Carolina’s business climate.

This tax credit has placed North Carolina at the forefront of renewable energy development, especially in terms of direct investment into the state. There are over 2,000 renewable energy projects in North Carolina representing more than $2.6 billion in investment. Furthermore, 75% (over $1.9 billion) of this investment has occurred in Tier 1 and Tier 2 counties (Source: RTI International). This investment creates much-needed new revenue for state and local governments. We look forward to the opportunity to continue to invest in these technologies and drive further investment.

Therefore, we urge you to continue the Renewable Energy Investment Tax Credit to ensure North Carolina remains in a strong position to attract jobs, investments, and lasting energy infrastructure to communities in all regions of our State.

View or download the PDF here.

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