Cyclone Lobbies for Waste Energy Recovery Tax Credit

American manufacturer Cyclone Power Technologies announced its support for the House Bill 4144, which would expand the Investment Tax Credit for waste energy recovery systems and, in part, amend the Internal Revenue Code definition of combined heat and power (CHP) units. CHP only qualifies for a 10 percent federal investment tax credit at the moment, but would get 30 percent thanks to the new bill.

“To help systems like ours compete effectively with a ‘do nothing’ approach, we encourage Congress to pass H.R. 4144, and consider providing a 30% credit for small-scale waste energy recovery systems – the same as currently offered to solar and wind power technologie,” Cyclone says in a release.

According to Cyclone, should the bill pass, the first two years would decrease tax revenue by $5 million (to $10 million), but would in turn allow for the production of 1.5 billion kWh of clean electricity, operational savings of $116 million for facility owners, 1.48 million tons reduction in CO2 emissions and the creation of some 2,200 jobs.

"Waste energy recovery systems like those being developed by entrepreneurial companies such as Cyclone, a local business based in my district in South Florida, have the potential to reduce our dependence on foreign oil while creating jobs right here in America,” Congressman Ron Klein (FL-22) added.

“By supporting these important new technologies, we can stand up for small businesses and create new jobs in our community in a cutting edge field.”