Sens. Portman, Brown introduce bill to facilitate more new energy investments
Ohio Sens. Rob Portman (R-OH) and Sherrod Brown (D-OH) introduced a bill to allow more companies to access an investment tax credit for new energy technology.
The senators said it would help companies scale their products to market and spur investment in new products and technologies. Portman said the bill would benefit companies like Sunpower, located in Athens, Ohio, which has developed an electric power generation technology – the high-efficiency linear generator.
“Linear generators are exactly the type of innovative technology that can help lower utility bills for homeowners and businesses in Ohio and throughout the U.S.,” Portman said. “Yet, this technology is at a disadvantage because of inconsistencies between the tax code and the practical, technical definitions for fuel cell technology. This legislation simply levels the playing field for Sunpower and other companies, making their linear generators competitive enough to fully enter the market during the phaseout of the existing investment tax credit.”
Sunpower is one of several companies that have invested in linear generation, a form of onsite power generation that can produce fuel from any sources including fossil fuels, natural gas, biomass, solar or wind energy. While the technology is ready to enter the market, it is not eligible for the tax incentives available to other forms of fuel cell technology. Linear generation is not eligible for an investment tax credit because it does not meet the existing definition for qualified fuel cell property in the tax code.
“New energy technology keeps the U.S. competitive and helps reduce energy costs for consumers. That’s why we should be making it easier for companies with promising ideas to get them to market,” Brown said. “The investment tax credit would give Sunpower and other companies the opportunity to take this technology mainstream and support jobs in southeast Ohio.”
