Pew Commends Lawmakers on Introduction of Industrial Energy Efficiency Bill
POWER Act would expand tax credits for efficiency technologies
The Pew Charitable Trusts commended Representatives Allyson Schwartz (D-PA), Chris Gibson (R-NY), Peter King (R-NY), Joseph Crowley (D-NY), and Richard Neal (D-MA) on the introduction of the Power Efficiency and Resiliency (POWER) Act.
This legislation would increase to 30 percent the tax incentive for industrial energy efficiency systems such as combined heat and power, or CHP; add waste heat to power, or WHP, as a qualifying technology; and remove size and capacity restrictions on new installations. The bill also would ensure that highly efficient technologies receive the same tax treatment as other forms of alternative and renewable power.
“These proven, highly efficient systems can be used in a variety of settings, including industrial plants, hospitals, military bases, and other critical infrastructure. Importantly, these systems make these institutions more resilient against grid blackouts, hurricanes and storms,” she said.
“The POWER Act would increase the energy investment tax credit from 10 percent to 30 percent for highly efficient systems, ensuring parity with other alternative and renewable energy technologies. It would also remove some existing barriers, enabling more businesses and communities across the country to reduce energy consumption, save money, create jobs, reduce pollution, and protect against blackouts. This policy is a win for industry and for the environment,” Cuttino added.
The Pew Charitable Trusts is driven by the power of knowledge to solve today’s most challenging problems. Learn more at www.pewtrusts.org/industrialefficiency.