Senate’s passing of Energy bill bodes well for the Future of Renewable Energy Technologies and the Alternative Energy Industry.
POINT ROBERTS, Wash., July 6th, 2005
RenewableEnergyStocks.com (RES), an investor and industry news portal for the renewable energy sector, reports on the potential impacts of the
Senate’s recently passed energy bill on the renewable energy industry and the technologies tha.comprise it throug.companies such as XsunX, Inc. (OTCBB: XSNX), a Building Integrated Photovoltaics developer, Intrepid Technology and Resources (OTCBB: IESV), specializing in renewable energy production projects, FuelCell Energy (NASDAQ: FCEL) a world leader in the development and manufacture of highly efficient hydrogen fuel cells for clean electric power generation, Ballard Power Systems (NASDAQ: BLDP), developer of proton exchange membrane fuel cells, and U.S. Geothermal (OTCBB: UGTH), a renewable energy developmen.company focused on geothermal energy.
Report Excerpt: Energy Bill Passes Senate, Opening Doors for Renewable Energy Initiatives and Alternative Energy Market Growth.
By Ann-Marie Fleming,
July 2005
On June 28th, 2005 the Senate approved the energy bill with an overwhelming 85-12 vote in favor of the legislation. The energy plan omitted two controversial issues that were present in the bill passed by the House, which dealt with drilling in the National Wildlife Refuge in Alaska and leniency towards those firms that make a water polluting fuel additive. The legislation does include measures aimed at increasing ethanol use and contained approximately $18 billion in energy tax breaks.
The Senate passed plan has many in the renewable energy industry cheering for the inclusion of a provision that requires that 10% of electricity sold by utilities to consumers mus.come from clean energy resources, such power produced by wind, geothermal and solar technologies. The passage of U.S. Senate Bill H.R. 6 is a tipping point in U.S. energy policy trends aimed at establishing energy security and independence for the balance of this century. stated Tom Djokovich, CEO of XsunX. Some of the key aspects to the bill are its support for the adoption of solar energy production technologies in the form of residential an.commercial tax credits not seen since 1982, and the adoption of the first-ever national renewable energy requirement, which stipulates that investor-owned electric utilities must generate 10% of their power out-put from renewable sources by the year 2020.These types of incentives should prove to be a watershed for growth opportunities for manufacturers, developers, and distributors of renewable energy technologies.
Fuel cell developers such as FuelCell Energy and Ballard Power Systems see key benefits from the bill. According to Steven Eschbach, FuelCell Energy’s Director of Investor Relations an.communications, The Senate bill has two provisions that are truly helpful for our technology. There are two financial tax incentives, one is called the Investment Tax Credit which is a 30% investment tax credit up to $1000 per kilowatt and the second is a production tax credit which is a 1 ½ cent per kilowatt benefit for fuel cells, which are ideal for our scope of technology. The energy bill has the potential for industry acceleration across the renewable energy landscape. As Michelle Cormack, Ballard Power Systems explains, "Should the energy bill be enacted and funded, Ballard and its industry and government partners will be able to accelerate the arrival of the hydrogen economy and th.commercialization of fuel cell technology, quickening the pace of necessary research and development, putting more vehicles on the road through demonstrations, and beginning an earlier and more robust transition to market."
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