Heat&Power
Summary
Twelve U.S. Representatives, led by Congressman Brad Schneider (D-IL), sent a letter to Treasury Secretary Janet Yellen, urging the Department to recognize the clean energy benefits of waste energy recovery property (WERP) – also known as waste heat to power (WHP) – and to grant all WERP categorical inclusion under the section 45Y/48E clean electricity production and investment tax credits. The letter was signed by Reps. Brad Schneider, Earl Blumenauer, Sean Casten, Danny Davis, Marcy Kaptur, Joe Morelle, Jimmy Panetta, Chellie Pingree, Mark Pocan, Linda Sanchez, Tom Suozzi, and Paul Tonko.
In June, the Department of Treasury released a proposed rule to implement the clean electricity credits that come online January 1, 2025. The clean electricity credits allow taxpayers to receive a 30% investment credit or 1.5 cents per kWh production credit for deploying eligible zero-emission technologies. Stackable bonus credits for meeting domestic content requirements (10% adder) and building in a designated Energy Community (10% adder) further incentivize the deployment of clean energy technologies. Under the draft rule, WERP receives only partial inclusion as a categorically non-C&G facility, which means taxpayers will be required to complete an expensive and time-consuming lifecycle emissions analysis to attain credit for certain WHP projects.
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