Although the PTC is a federal tax incentive, the benefits were mostly accrued in states with deregulated electricity markets. Most recently the PTC was set at $23 per MWh. This means that deregulated electricity states received as much as $464,450 in a given month due to the policy, relative to the control group of regulated states. This is likely driven by the fact that deregulated markets are better able to bring new projects on line before reaching each PTC expiration date. The PTC was a boon to the wind-project developers, to be sure, but this policy has also been shown to have external benefits. Beyond the direct benefits provided by the PTC, wind energy production positively effects employment and personal income (Brown et al., 2012; De Silva et al., 2013). Taken together with the direct monetary benefit, deregulated states have benefited broadly from the introduction of the PTC.