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Breaking: Trump signs budget bill to provide relief for energy technologies
Written By: Katherine DeMetre
February 9, 2018
President Donald Trump has signed a bipartisan budget bill on Feb. 9th. The bill is set to increase government spending by roughly $300 million and provide relief to orphan energy technologies. Following a brief government shutdown, Trump signed the bill into law. The budget bill contains $2 billion to help Puerto Rico with their electrical reconstruction and includes energy credits previously not included in the tax reform bills.
Tax credits for fuel cells, energy efficiency, microturbines, combined heat and power, carbon capture, and nuclear power all were added. The nuclear benefits would extend past 2020 and benefit the Vogtle nuclear plant in Georgia. "We are grateful to Senator Isakson for his leadership on this issue, and to the entire Georgia delegation for recognizing the importance of new nuclear generation and demonstrating renewed federal support for the Vogtle project," said Paul Bowers, chairman, president and CEO of Georgia Power, in a statement. Additionally, many clean energy advocates applauded the renewable energy tax credit relief.
“This legislation provides the market certainty that will support investment in technologies like fuel cells, combined heat and power, energy efficiency, geothermal and advanced nuclear,” said Malcolm Woolf, Advanced Energy Economy’s senior vice president for policy, to GTM. The wind industry could see a boost as well. The Distributed Wind Energy Association (DWEA) told the press that the credits allow the industry to refocus on lowering costs, improving technology and expanding adoption.
"We are preparing to launch a breakthrough small wind turbine that cuts energy production costs in half," said Mike Bergey, CEO of Bergey Windpower in a statement. "A fix to the federal tax credit issue is very timely for us."