November 19, 2019 – WASHINGTON – The House Ways and Means Committee released a discussion draft for the Growing Renewable Energy and Efficiency Now (GREEN) Act, which expands and creates new renewable energy tax incentives. BTEC applauds the inclusion of the Section 25D(a) credit for residential biomass heating property that has been sought through the Biomass Thermal Utilization (BTU) Act, but does not expand the investment tax credit to larger commercial systems outlined in the BTU Act.
“We are pleased with the House Ways and Means Committee inclusion of incentives for residential biomass heating systems, which will incentivize the deployment of highly efficient, state-of-the-art renewable wood heating systems,” said Jeff Serfass, BTEC Executive Director. “However, the exclusion of incentives for business and commercial wood heating systems misses a major opportunity to help businesses lower high heating costs through the use of renewable wood and biomass fuels.”
The act does expand the business credit for other technologies, including battery storage, waste heat capture, and biogas.
The GREEN Act extends current renewable energy tax incentives and creates new models to increase the use of green energy while reducing greenhouse gas emissions. The bill will:
- Promote the use of green energy technologies and incentivize the reduction of greenhouse gas emissions through new and existing tax benefits,
- Increase energy efficiency and green energy use in both residential and commercial buildings,
- Support the use of zero-emission transportation and supporting infrastructure,
- Invest in a green workforce through energy credits for manufacturers,
- Advance environmental justice through tax credits for research and academic programs, and
- Require the Treasury Department to analyze the feasibility of a price on greenhouse gas emissions, using the EPA’s Greenhouse Gas Reporting Program.
The Biomass Thermal Energy Council (BTEC) is an association of biomass fuel producers, appliance manufacturers and distributors, supply chain companies, and non-profit organizations that view biomass thermal energy and combined heat and power as renewable, responsible, clean, and energy-efficient pathways to meeting America’s energy needs and strengthening local economies. BTEC engages in research, education, and public advocacy for the fast-growing biomass thermal energy industry.