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geothermal electricity generated in 2009 would displace about 3.72 million metric tonnes of oil (Mtoe) equivalent. Direct Use- Annual thermal energy use for 2009 was estimated to be 56,551.8 TJ/yr, which equates to a fuel oil savings of 3.846 Mtoe (3.223 Mtoe from GSHPs and 0.622 for other direct use). 21.3.3.2 Reduced/Avoided CO2 emissions The total electricity produced from geothermal energy is equivalent to 3.35 million tonnes of carbon per year and thermal heating from direct uses (including GSHPs) save 1.76 tonnes of carbon annually (26). 21.4 Market Development and Stimulation 21.4.1 SupportInitiativesandMarketStimulationIncentives 21.4.1.1 Production Tax Credits In 2010, the Federal Production Tax Credit (PTC) was US$ 0.021/kWh for geothermal projects for the first 10 years of operation. ARRA has extended the credit until 2013. 21.4.1.2 Payment in Lieu of Production Tax Credits ARRA also created a Treasury Department grant program (section 1603) allowing geothermal property owners to apply for cash grants in lieu of PTCs or Investment Tax Credits (ITCs). Under Section 707 of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, this program was extended to projects placed in service after 2011 but only if construction of the property began during 2009, 2010 or 2011. Geothermal electric production cash grant awards in 2010 are noted in Table 21.3. Table 21.3 2010 Geothermal Electric Generation Projects under Section 1603 (27). Recipient RNI 18 Thermo No. 1 Total Location CA UT Amount $108,285,626 $32,990,089 $141,275,715 Award Date 8/17/2010 2/16/2010 21.4.1.3 Loan Guarantee Program Through ARRA, Congress established a temporary program under EPAct 2005 that authorizes DOE to make loan guarantees for commercial deployment of certain renewable energy systems, electric transmission systems and leading-edge biofuels projects. ARRA included US$ 4 billion for credit subsidy for conventional renewable energy systems and electric power transmission. In September 2010, a partial loan guarantee of US$ 98.5 million was granted to Nevada Geothermal Power, Inc for its 36 MWe plant in Humbolt County, NV. In addition, a conditional loan guarantee was announced for a 23 MWe U.S. Geothermal Inc plant in Malheur County, OR that is expected to be finalized in early 2011. 248PDF Image | Geothermal Research and Tech IEA
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