World of Cogeneration - Cogeneration (CHP) Daily News, Events, Companies, Products, Jobs and more : Federal Investment Tax Credit Extended to 2016 for Microturbines

Federal Investment Tax Credit Extended to 2016 for Microturbines
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Pangea on 10/12/2009 22:00:00
 
Capstone Turbine Corporation ( www.microturbine.com) the world's leading clean
technology manufacturer of microturbine energy systems, announced on thursday
that the eight year extension of the 10 percent federal tax credit for
microturbines through 2016 will continue to apply to purchases of the company's
ultra-low emission and ultra-high reliability Capstone MicroTurbine(R) systems.
The Act also creates a 10 percent tax credit for Combined Heat and Power (CHP)
systems. President Bush signed the Emergency Economic Stabilization Act of 2008
(H.R. 1424) into law on October 3, 2008. "We believe that the extension of the
existing microturbine tax credit and creation of the new CHP tax credit will
increase the visibility of our products and create an even stronger demand in
the United States," said Jim Crouse, Capstone's Executive Vice President of
Sales and Marketing. "Today approximately 65 percent of our record $42.7 million
in product backlog is outside of the United States as customers in countries
that have a strong policy on energy efficiency and climate change have been
adopting our new clean energy technology," Crouse added.  "Congress showed
leadership in continuing to promote microturbines as a clean, green, and
reliable source of energy," said Darren Jamison, President and Chief Executive
Officer of Capstone Turbine Corporation. "The tax credit will continue to help
businesses and building owners lower their energy costs while also demonstrating
their commitment to clean energy and to the environment by installing
microturbine CHP systems in their buildings," Jamison stated.