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III. NATIONAL ACTIVITIES UNITED STATES 17.5 Market Development and Stimulation 17.5.1 Support and Market Stimulation Initiatives Most activity has been at the state level with significant market stimulation initiatives through RPS and power purchase agreements. In October 2004, a Federal Production Tax Credit was enacted which included geothermal energy. The DOE provides support to the geothermal industry through cost-shared exploration and to other stakeholders through GeoPowering the West, an education and outreach endeavor. Detailed information on Federal and State incentives for renewable energy is available on the Database of State Incentives for Renewable Energy (DSIRE) website. 17.5.1.1 Federal Incentives Production Tax Credit The American Jobs Creation Act of 2004 (HR. 4520) was enacted in October 2004. Within the act are a number of tax credits for renewable electric generation. The legislation shows a recognition by Congress of the importance of supporting the development of viable commercial renewable energy. The renewable tax credit for geothermal is 1.8 cents/kilowatt hour. However, the language of the bill will significantly limit the number of electric projects that will qualify by specifying only facilities that come on line between the enactment of the bill and January 1, 2006, can qualify for the 5-year tax credit term. Modified Accelerated Cost Recovery System (MACRS) Under the Modified Accelerated Cost Recovery System (MACRS), businesses can recover investments in solar, wind and geothermal property through depreciation deductions. The MACRS establishes a set of class lifetimes for various types of property, ranging from three to 50 years, over which the property may be depreciated. For solar, wind and geothermal property placed in service after 1986, the current MACRS property class is five years. Solar and Geothermal Business Energy Tax Credit The U.S. Federal government offers a 10% tax credit to businesses that invest in or purchase energy property in the United States. Energy property is defined as either solar or geothermal energy. Solar energy property includes equipment that uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat. Geothermal energy property includes equipment used to produce, distribute, or use energy derived from a geothermal deposit. For electricity produced by geothermal power, equipment qualifies only up to, but not including, electrical transmission. Renewable Energy Systems and Energy Efficiency Improvements Program The Renewable Energy Systems and Energy Efficiency Improvements Grant Program, a program of the USDA, has provided funding for Fiscal Years 2003 and 2004 for eligible agricultural producers and rural small businesses to purchase renewable energy systems and make energy improvements. Green Power Purchasing Goal – Federal Government Executive Order 13123, issued in 1999, requires Federal agencies to increase their use of renewable energy to a percentage determined by the Secretary of Energy. In 2000, Secretary of Energy Bill Richardson directed that Federal agencies obtain the equivalent of 2.5% of their electricity from renewable resources by 2005. Solar, wind, biomass and geothermal systems installed after 1990 qualify as renewable energy resources under this order. IEA Geothermal R&T Annual Report 2004.doc 122PDF Image | Geothermal Energy Annual Report 2004
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