Bipartisan Heat is Power Act is Re-introduced in the U.S. House of Representatives
Oct 24, 2011
Washington D.C., August 29, 2011- Representative Paul Tonko (D-NY) led an effort of bipartisan Representatives including Ron Paul (R-TX), Jay Inslee (D-WA) and Shelly Berkley (D-NV) in re-introducing the Heat is Power Act, H.R. 2812.
The Heat is Power Act will provide an investment tax credit or production tax credit for new innovative technology that produces clean, emission free electricity from waste heat generated by industrial processes which will help stimulate growth in the waste heat to power market and create new jobs.
The Heat is Power Act would modify sections 45 and 48 of the U.S. tax code to include waste heat and provide a 30% investment tax credit for the installation of the technology in industrial settings. American companies have created technology that can harness waste heat from smokestacks and other industrial processes such as oil and gas production and turn that energy into emission free electricity. The tax credit will put this technology on the same footing as other renewables such as wind and solar power, and help develop a new, American clean energy industry that will lead to job growth.
“Due to the U.S. tax code providing incentives to all other sources of emission free electricity, without equal government recognition, our market is hindered. We are thankful for Congressmen Tonko, Paul, Inslee and Berkley’s efforts and look forward to seeing the development of this market, creation of new American jobs, and increased clean energy for our country,” said Kelsey Walker, Executive Director of “Heat is Power,” the waste heat to power industry trade association.
The development of a domestic waste heat market will also position the U.S. to capture the global market in clean energy exports and create manufacturing jobs here in America for decades to come.