Clean energy investment in the United States surged to a fresh record of $55.5 billion last year, despite the government’s attempts to roll back supportive policies, a report showed on Thursday.

As renewable energy costs have plunged and onshore wind and solar developers rushed to qualify for tax credits before they are scaled back this year, investment surged 28% from a year earlier, a report by Bloomberg New Energy Finance (BNEF) said.

This, along with a bigger jump in financing for offshore wind, helped to offset a decline in investment in the world’s biggest market, China.

The U.S. wind power tax credit has seen its value drop since 2017 and was scheduled to be phased out completely by this year The wind power tax credit is currently worth 1.5 cents for every kilowatt-hour of electricity produced. The credit’s value began dropping in 2017 and was scheduled to be phased out completely next year.

Global renewable energy capacity investment inched up by 1% to $282.2 billion last year.

 

 

Read full story on: Reuters