Federal Tax Credit Reinstated in 2020 for Microturbines Fueled by Renewable Energy Sources
VAN NUYS, CA / ACCESSWIRE / January 10, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that the 30% federal Production Tax Credit (PTC) for biomass and landfill gas facilities has been retroactively extended through the end of 2020. Customers may elect to claim an Investment Tax Credit (ITC) of 30% in lieu of the PTC. The President signed into law the "Taxpayer Certainty and Disaster Tax Relief Act of 2019," H.R. 3301, Friday, December 20, 2019, as part of the bi-partisan FY2020 appropriations package. This package also continues funding for several programs, including the Department of Energy's Combined Heat and Power Technical Assistance Partnerships and Advanced Manufacturing Office R&D funding and EPA's CHP Partnership and Natural GasSTAR programs, and extends other incentives for energy production and efficiency.
The reinstated PTC/ITC will allow businesses to claim a credit for qualified renewable energy projects, including purchases of Capstone's ultra-low emission and highly reliable microturbine technology for use in digester or landfill gas applications.
Capstone personnel and associates worked diligently in partnership with the American Biogas Council (ABC), the CHP Alliance, the Clean Energy Business Network, and other industry partners to push for the reinstatement of this credit for customers in the renewable energy sector and continued support for CHP R&D and deployment.
"We believe that the reinstatement of the tax credit will help businesses lower their energy costs in the new green economy," stated Darren Jamison, President and CEO of Capstone Turbine Corporation. "Maintaining support for market education programs that reduce barriers to CHP deployment and voluntary industry programs to support energy efficiency, emissions reductions, and clean air helps to preserve access to a diverse portfolio of energy resources," added Mr. Jamison.
Capstone Turbine's innovative microturbine technology has the ability to operate on biogas and other renewable fuels and produce clean and efficient electricity and thermal energy. Capstone microturbines are designed to help end-users improve their environmental impact while meeting critical power and reliability requirements. The reinstatement of the PTC for projects using these fuels will support the global push for decarbonization.
"We applaud these tools that help develop and sustain innovative clean energy solutions and cleaner, safer sources of energy," stated Jen Derstine, Capstone's Vice President of Marketing and Distribution.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST) is the world's leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup, providing scalable systems focusing on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid fuels and are the ideal solution for today's distributed power generation needs. To date, Capstone has shipped over 9,000 units to 73 countries and has saved customers an estimated $253 million in annual energy costs and 350,000 tons of carbon.
This press release contains "forward-looking statements," as that term is used in the federal securities laws. Forward-looking statements may be identified by words such as "expects," "believes," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
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Released January 10, 2020