Ice Energy Supports Proposed Federal Tax Incentives for Investment in Thermal Energy Storage
New House bill would grant up to 30 percent incentive on qualified equipment
WINDSOR, CO – October 26, 2009 – Ice Energy, a leading provider of grid-connected energy storage solutions for increasing energy system efficiency and improving grid reliability, today lauded the introduction of new bi-partisan Congressional legislation that would establish a federal tax credit for investment in qualified distributed thermal energy storage equipment.
Rep. Mike Thompson (D-CA), Rep. Wally Herger (R-CA), and Rep. Earl Pomeroy (D-SD), all senior members of the U.S. House Ways & Means Committee, introduced the Thermal Energy Cooling and Heating Act of 2009 (H.R. 3918) in the House of Representatives last week. The bill proposes an investment tax credit of up to 30 percent and accelerated depreciation on expenditures for thermal cooling or heating storage components installed on a building designed to “create, store and supply off peak or renewable electrical distributed thermal energy, or reduces peak electrical demand from conventional mechanical cooling or heating equipment.”
“Investing in new technology such as thermal energy storage will help create new jobs and save people money on their electricity bills,” said Congressman Thompson. “Distributed energy storage technologies are also a great way for our country to reduce greenhouse gas emissions and our dependence on fossil fuels. Just as important, the jobs created by the manufacture and installation of these new technologies will come at a critical time for the U.S. economy.”
In support of the Thompson-Herger-Pomeroy bill, Frank Ramirez, Chief Executive Officer of Ice Energy, said, “With grid reliability, smart grid deployment, and the reduction of carbon emissions as high national priorities, incentivizing technologies that can expand the use of renewable energy sources and improve electrical grid efficiency is sound public policy. The increasing integration of intermittent renewable generation like wind and solar is forcing the energy industry to change the way it looks at grid reliability and overall system efficiency.”
“There is increasing acceptance for the importance of energy storage, not only as a solution to manage peak power demand, which is a growing and expensive problem for the grid, utilities and electricity consumers, but also as a critical requirement in the development of a cleaner, smarter, more sustainable power grid,” continued Ramirez. “We encourage members of Congress to embrace distributed thermal energy storage as one of the key long-term strategies for addressing environmental concerns and maintaining grid reliability, and applaud Reps. Thompson, Pomeroy and Herger for their bi-partisan leadership on this important issue.”
Congressman Thompson added, “As is the case with many new energy technologies, numerous barriers exist that impede the adoption of these beneficial and cost-effective new technologies. These Federal tax incentives will enable us to take steps towards achieving energy security and slowing global warming, while advancing the creation of a smart grid energy infrastructure.”
Thermal storage devices enable peak load shifting capability by storing energy generated during off peak hours, when energy demand is lowest, and dispatching it during times of peak demand. Stored warm or cold air supplements a building’s HVAC operation during peak demand hours to substantially reduce loads on an electrical grid. Thermal storage also makes power generated from clean renewable sources such as wind and solar more reliable, valuable and efficient.
This bill will be assigned to the House Ways & Means Committee.
About Ice Energy
Ice Energy delivers distributed energy storage and smart grid solutions for optimizing energy system efficiency. The company’s smart grid platform integrates revolutionary distributed energy storage technology with an advanced software infrastructure and intelligent two-way control to provide a powerful, cost-effective solution that fundamentally changes peak load management, and improves the integration of intermittent, renewable resources onto the grid.
By leveraging the higher efficiencies associated with generating, transmitting, and storing power off peak and then dispatching it during times of peak demand, Ice Energy delivers a sustainable new energy solution equivalent to hundreds of megawatts of clean peaking power, providing compelling energy, environmental and economic benefits. For more information, visit www.ice-energy.com.