The Heat is Power Act provides an investment tax credit or production tax credit for new technology that produces clean, emission-free electricity from waste heat generated by industrial processes to help stimulate growth in the waste heat-to-power market and create jobs.
The Heat is Power Act would modify sections 45 and 48 of the U.S. tax code to include waste heat and provide a 30 percent investment tax credit for the installation of the technology in industrial settings. American companies have created technology that can harness waste heat from smokestacks and other processes and turn that energy into electricity. The tax credit would put this technology on the same footing as other renewables such as solar and wind power.
“Due to the U.S. tax code providing incentives to all other sources of emission-free electricity, without equal government recognition, our market is hindered. We are thankful for Congressmen Tonko, Paul, Inslee and Berkley’s efforts and look forward to seeing the development of this market, creation of new American jobs, and increased clean energy for our country,” said Kelsey Walker, executive director of “Heat is Power,” a waste heat-to-power industry trade association.
Publication date: 09/26/2011