Renewables Get a Break | Green Energy News

October 10, 2004 – Vol.9 No.29

RENEWABLES GET A BREAK.

Amid the pork of the $137 billion 2004 American Jobs Creation Act passed by the U.S. Senate, and soon to be signed by President Bush, green energy gets some useful tax assistance to help level the playing field with fossil fuels.

--- For new geothermal installations there’s a 1.8 cent per kilowatt hour production tax credit (PTC) .

--- For new photovoltaic solar installations there’s a 0.9 cent per kilowatt hour production tax credit (PTC)

--- There’s a tax break, too, for power generated from agricultural livestock waste, irrigation power and municipal solid waste.

--- Biodiesel will get a boost of one penny per percentage point of biodiesel blended with petroleum diesel. (B5 gets a nickel, B20 two dimes)

--- There’s good news for energy security. Those who buy 6000-pound, fuel-sucking Hummers supposedly for commercial use (but really personal) to get a huge tax break, must now prove that the SUV will be used for commercial purposes such as hauling. (Hauling dirt and stuff, not people, that is.)

--- Wind energy received its tax break in a previous bill already signed by President Bush.