CleanTechnica is the #1 cleantech-focused
website
 in the world.


Clean Power GEA_wesite_logo1

Published on January 2nd, 2013 | by Zachary Shahan

0

Geothermal Industry Happy With Last-Minute Congressional Action

Share on Google+Share on RedditShare on StumbleUponTweet about this on TwitterShare on LinkedInShare on FacebookPin on PinterestDigg thisShare on TumblrBuffer this pageEmail this to someone

January 2nd, 2013 by Zachary Shahan
 
 
After months and months of delay (what’s new with Congress these days), important clean energy decisions were finally made by our Congressional representatives just before midnight. The most notable was probably the extension of the wind power production tax credit (PTC) — an article on that is coming in a few moments. However, there’s also some important news regarding the geothermal industry. Here’s a full statement from the Geothermal Energy Association (GEA) on that:

The Geothermal Energy Association applauds Congress for adopting today, as part of bi-partisan tax legislation, important changes in the underlying terms of the federal tax incentives for new geothermal and other renewable power projects. The modification adopted, which allows projects to qualify for the production tax credit based upon being under construction, represents an approach to renewable tax incentives that will work more effectively for geothermal and other renewable power technologies that have longer development lead times.

“The Geothermal Energy Association estimates that new geothermal power projects in as many as a dozen states could be stimulated to move forward this year as a result of this change,” said GEA Executive Director Karl Gawell. “Congress’ action will spur significant new employment and sustain geothermal industry growth.   Consumers and utilities will benefit, as well, because developers will have greater certainty about whether the credit will be available for their project.”

Gawell continued: “We applaud the support demonstrated by Congress and the Administration for policies to support growth in geothermal power, and look forward to working with both as they examine longer-term policies to sustain innovation and growth in this emerging industry. In particular we wish to applaud the Senate Finance Committee and Senate Leadership for initiating this important change in the Production Tax Credit.”

Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.

Print Friendly

Share on Google+Share on RedditShare on StumbleUponTweet about this on TwitterShare on LinkedInShare on FacebookPin on PinterestDigg thisShare on TumblrBuffer this pageEmail this to someone

Tags: , , , ,


About the Author

is the director of CleanTechnica, the most popular cleantech-focused website in the world, and Planetsave, a world-leading green and science news site. He has been covering green news of various sorts since 2008, and he has been especially focused on solar energy, electric vehicles, and wind energy since 2009. Aside from his work on CleanTechnica and Planetsave, he's the founder and director of Solar Love, EV Obsession, and Bikocity. To connect with Zach on some of your favorite social networks, go to ZacharyShahan.com and click on the relevant buttons.



Back to Top ↑