Geothermal Energy Association,
Geothermal Energy Association
January 02, 2013
Washington, DC (January 1, 2013) 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.”
To schedule an interview with GEA Executive Director Karl Gawell, please contact Shawna Seldon, 917 971 7852 or Shawna@rosengrouppr.com.
About the Geothermal Energy Association:
The Geothermal Energy Association (GEA) is a trade association composed of U.S. companies who support the expanded use of geothermal energy and are developing geothermal resources worldwide for electrical power generation and direct-heat uses. GEA advocates for public policies that will promote the development and utilization of geothermal resources, provides a forum for the industry to discuss issues and problems, encourages research and development to improve geothermal technologies, presents industry views to governmental organizations, provides assistance for the export of geothermal goods and services, compiles statistical data about the geothermal industry, and conducts education and outreach projects. For more information, please visit http://www.geo-energy.org/. Check out GEA’s YouTube Channel. Follow GEA on Twitter. Become a fan on Facebook.
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