On behalf of the geothermal industry we write in support of Section 102 of the Growing Renewable Energy and Efficiency Now (GREEN) Act discussion draft.
As the professional association for the geothermal industry and community, the GRC can attest to the vital importance of the tax credits to the success of geothermal energy business, and strongly supports and applauds your leadership in extending the §45(d) and §48 tax credits for baseload renewable energy technologies. The GREEN Act would retroactively extend the §45(d) production tax credit (PTC) for geothermal energy, which expired at the end of 2017, and extends the §48 investment tax credit (ITC) and provides a 30% ITC for geothermal plants that begin construction by the end of 2024. These tax credits provide a predictable market signal for project development, which in turn leverages private investment and promotes job creation and local economic benefits across the country.
Geothermal power is a critical source of renewable electricity for U.S. households and businesses as we transition to a clean energy future. It is affordable, reliable and plays a critical role in maintaining a functioning electric grid – due to its position as flexible, renewable, baseload resource that can complement other intermittent renewable resources. Extension of the expired tax credits will play an important role in continuing the development and support of our industry.
The GRC is a non-profit professional association for the geothermal industry and community in the USA and abroad. We were founded in 1972 and are headquartered in Davis, California. We have over 1,300 members from around the world and are working to advance our industry by supporting the development of geothermal energy resources through communication of robust research, knowledge and guidance.
We thank you for your consideration. We are available to answer questions and discuss further at your convenience.
Respectfully,
Paul Thomsen, GRC Policy Committee Chair, pthomsen@ormat.com
Will Pettitt, PhD, GRC Executive Director, wpettitt@mygeoenergy.org
From the Global Geothermal News archives:
- Tuesday, November 19, 2019 - USA, Washington D.C.: Hope for Geothermal Energy in Draft of Growing Renewable Energy and Efficiency Now (GREEN) Act
