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2.3 Federal Incentives and Programs The increased progress in the development of geothermal projects has been fueled by federal incentives and funding which help offset the risk and high capital cost of geothermal development. With certain conditions, geothermal power projects are eligible for the full Production Tax Credit (PTC) if placed in service by December 31, 2013. In addition, the American Recovery and Reinvestment Act of 2009 (ARRA) has made projects eligible for the PTC also eligible for a grant in lieu of the tax credit from the Treasury Department. The grant is equivalent to a 30% tax credit for the eligible portions of their capital investment. Projects which are in construction by the end of calendar year 2011 and are placed in service by the end of calendar year 2013 may receive the cash grant. Geothermal developers have cited the cash grant as a particularly important factor in sustaining development through the economic recession. Since 2009 approximately $262.9M and $4.6M in cash grants have been provided to utility-scale geothermal projects and geothermal heat pump projects respectively. Projects receiving cash grants span 19 different states.iii Figure 9: Cash Grants to the Geothermal Industry by Technology Type $4.6M $262.9M Geothermal Electricity Geothermal Heat Pump List of “Geothermal Electricity” Department of Treasury Cash Grant Awardees Awardee/Project Award Date State Amount ($) Enel NA, Salt Wells Geysers Power Co./NA NGP/ Blue Mountain I Ormat/ North Brawley Solutions in Human Resources/NA Raser Technologies/ Thermo 1 Total: Source: US Department of Treasury, GEA 9/29/2009 2/26/2010 11/9/2009 8/17/2010 11/28/2009 2/16/2010 NV 61,520,872 CA 2,224,148 NV 57,872,513 CA 108,285,626 PA 5,071 UT 32,990,089 262,898,319 Geothermal Energy Association 18PDF Image | Annual U.S. Geothermal Power Production 2011
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