Wind, solar power are good for NM
THE RIO Grande Foundation claims to be nonpartisan, but it is not: a good portion of its funding is from the State Policy Network, which is partly funded by the Koch Brothers and other polluters.
The Rio Grande Foundation’s recent letter/ op-ed in the Journal (May 12) is filled with propaganda that is intended to prevent progress in renewable energy in New Mexico.
One point that is easily rebutted is Rio Grande Foundation’s claim the production tax credit of $24 per megawatt is “an enormous sum.” The 1992 federal law that pertains here mandates a 1.5 cent tax credit per kilowatt. Such production tax credits are payable for 10 fiscal years, while typical solar panels are warranted for 25 years.
The tax credit has been increased for inflation; the current 2.4 cent per kilowatt production tax credit is still much lower than the charge on my PNM bill of 8.3 cents per kilowatt. This incentive has PNM building hundreds of acres of solar and wind farms around New Mexico.
Production of electricity by solar and wind and other renewables is a very good deal for New Mexico. Just not so good for the Rio Grande Foundation and the fossil-fuel companies who fund it.