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Fuel Cell Industry Lauds Tax Credit Proposal
Bipartisan Legislation Seen as Key to Deployment
WASHINGTON - April 10,2008 - The US Fuel Cell Council applauded today’s Senate decision to extend investment tax credits for fuel cells and urged Congressional leaders in both chambers and the President to agree on final language as quickly as possible.
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“Our industry is extremely grateful for the incentives we have in place today. They have been critical to expanding the use of clean energy throughout the country,” said Robert Rose, executive director of the US Fuel Cell Council, the trade association of the industry. “But existing tax credits for fuel cells and other technologies are scheduled to expire on December 31st, 2008. The uncertainty of credits beyond has already halted projects; failure to pass a comprehensive extension could essentially reverse the progress we have made.”
The Senate approved, as part of unrelated legislation, a bipartisan proposal sponsored by Sens. Maria Cantwell (D-WA) and John Ensign (R-NV) to revise and extend the fuel cell tax credits for nine years. “We commend the Senators for their leadership,” Rose said. “Our fledgling industry needs the certainty of a long term extension.
Fuel cells generate electricity, without combustion. They're efficient, environmentally clean and operate on a variety of domestic fuels.
“Strong, reliable policies for advanced energy technologies will benefit the US and are already benefitting other economies,” Rose said. In Germany, for example, where policies support solar power installation, the German government announced that renewable energy jobs in the country have reached nearly 250,000 in 2007, up from 160,000 in 2004.
Fuel cells can have a comparable positive economic impact, Rose said. A recent European Hydrogen and Fuel Cell Technology Platform study concluded the fuel cell industry could support 500,000 jobs by 2030. Where these jobs are located will depend in substantial part on where favorable markets for fuel cells exist. “With enlightened policies, these green jobs can be captured by the US as our industry commercializes,” Rose said.
The fuel cell investment tax credit was first included in the Energy Policy Act of 2005. Under the Cantwell-Ensign legislation businesses and home-owners will be able to deduct from their tax liability 30% of the cost of installing a fuel cell through 2017.
With 110 members, the US Fuel Cell Council is the voice of the industry. Visit www.usfcc.com.
For more information contact:
US Fuel Cell Council
Bud DeFlaviis, 202-306-0069
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