Up to $7,500 Tax Credit for Buying Plug-in Hybrid Vehicles

Washington, D.C.–Today the Senate has passed HR 6049 as amended which provides for a two year extension of the PTC for new geothermal plants (without a cap), and includes a 10% tax credit for geothermal heat pumps.  The vote was 93-2.

The bill includes a tax credit of up to $7,500 for consumers who buy plug-in vehicles and extended range electric vehicles like the Chevy Volt.  The credit for electric vehicles would start at $2,500 and go up to $7,500. The Volt, to be launched in 2010, would qualify for the max.

US Capital Building

On Tuesday, September 22,2008, Karl Gawell, Executive Director of the Geothermal Energy Association (GEA) participated in a press conference with Senators Baucus, Bingaman, Salazar and Cantwell. He made this statement the press at that event:

“Renewable energy is one bright spot in the American economy.  These young industries have seen dramatic growth in the past few years, but the incentives supporting new projects are about to expire.  The tax extenders bill is vital to sustain their continued growth.

Geothermal projects under development today would more than double current production, providing over 30 billion kilowatt hours of clean, domestic energy  enough electricity to power the homes of San Francisco, Denver, and Philadelphia combined.

These new geothermal power projects will result in over ten billion dollars in new investment and create over 30,000 construction, manufacturing, and power plant jobs.

Passing this legislation will stimulate the economy and sustain hope in the future.  We urge Congress to pass, and the President to sign, this vital legislation.”  — Karl Gawell, Executive Director, Geothermal Energy Association

The bill now goes to the house for final approval the president has indicated he will sign the bill.

Raser's first Geothermal Power Generation Plant nears completion in Thermo, Utah.