03 Jan '13, 4pm

2013 Geothermal: Last-Minute PTC Revision Sparks a New Hope

Karl Gawell, executive director of the Geothermal Energy Association (GEA) expects this provision to significantly boost U.S. geothermal development in 2013. He explained that under the previous provision, companies were already starting to back away from new developments for fear of not being able to finish a project and qualify in time. This fear stems from the notoriously long project development time geothermal typically faces – an average of seven years. Therefore, geothermal faces a much earlier drop-off for the PTC than other technologies, explained Paul Thomsen, director of policy and business development at ORMAT. Though the geothermal PTC expires at the end of 2013, most developers had lost hope of taking advantage of the incentive years ago. “The fact of the matter is with geothermal having such a long lead time, we faced that hurdle two or three years ago becau...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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