CGE Energy, an engineer of no capital cost energy solutions, commends Congress for its proposed bipartisan agreement that extends the Investment Tax Credit (ITC) for U.S. renewable energy projects. The ITC was set to expire at the end of 2016.
As part of a larger budget deal, Congress voted this week on legislation for a five-year extension of the ITC that gives a 30% federal tax credit for commercial installations of solar PV systems and an extension with a progressional phase down of the tax credit for small wind systems.
Using their proprietary business models, CGE Energy has made energy projects possible for commercial and non-profit facilities, without having to rely on government stimulus.
“We have made an important focus on not being dependent on the Investment Tax Credit on our project development, especially considering the uncertain future of the credit,” said CGE Energy’s President and CEO Bryan Zaplitny. “Seeing these latest legislative decisions, the utilization of the ITC where appropriate will increase the benefits we can give our customers as well as expedite our growth and stockholder appreciation.”
CGE Energy is also in the midst of bringing to market their own patented vertical-axis, small-wind turbine, called WIND•e20. The 105-ft. tall turbine is being manufacturing by Burtek Enterprises, a market leader in safety critical applications.
“With increased economics, the ITC extension also allows our WIND•e20 turbine to serve an unlimited amount of people around the world,” Zaplitny stated.
Small wind innovations play into a more comprehensive and diverse solution for the U.S. economy to exhibit lower carbon use and increase job growth. Experts say that the tax credit extension will stimulate more than $125 billion in new investments for the U.S. economy.
“Future focused leaders in both Houses have now shown their support for boosting our economy and create thousands of jobs across America while reestablishing the U.S. as the global leader in clean energy,” concluded Zaplitny.