The
Geothermal Energy Investment Bill of 2010 proposes to raise the federal tax
credit on geothermal energy investments from 10
percent to 30 percent.
Federal
legislation to increase investment in geothermal power facilities and
technologies, and give producers the ability to compete with other renewable
energy resources, such as solar, on an equitable basis was recently introduced
by Senator Ron Wyden (D-Ore.) and Senator Mike Crapo (R-Idaho). The Geothermal
Energy Investment Bill of 2010 proposes to raise the federal tax credit on
geothermal energy investments through calendar year 2016 from 10 percent to the
30 percent currently available for solar and fuel cell technology investments.
“When
it comes to the tax code, not all renewable energy sources are created equal,”
Wyden said. “This bill levels the playing field for geothermal energy to reduce
the financial barrier holding back this important resource so that the market
can decide which technologies work and which don’t.”
Crapo
adds: “Geothermal saves tax dollars and energy costs in the long term and we
must continue to expand our energy portfolio to incentivize the use of
alternative and renewable energy sources such as geothermal.”
An
identical companion bill has been introduced in the House of Representatives by
Rep. Earl Blumenauer (D-Ore.).
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