The waste heat industry achieved a very important milestone through a national waste heat recovery incentive which is sure to lead to some big green energy changes in the near future.
On December 21, 2020, the United States congress approved the Consolidated Appropriations Act, 2021. The recently adopted act includes a 26% investment tax credit (ITC) for “Waste Energy Recovery Property.” While combined heat and power (CHP) has previously received support through various incentives, this is the first nationally supported incentive for installing waste heat to power (WHP) technology.
Since the introduction of renewable energy technologies such as solar and wind, investment tax credits have been successfully used to speed up development by lowering costs. With the recently passed Consolidated Appropriations Act, operators looking to implement waste heat recovery technologies will be able to do so with the help of an attractive ITC.
This opens up opportunities across the nation in all industries from metal manufacturing and pharmaceutical production to wastewater treatment and oil refining. This was a big step toward achieving important sustainable and energy efficiency milestones in the United States, where nearly 70% of applied energy is lost due to various inefficiencies.
ENERVEX is well positioned to lead the waste heat recovery movement with our simple and reliable VHX solutions that just became even more practical. If your processes generate heat greater than 140°F, then there’s an opportunity that you can leverage a waste heat recovery system to generate profitable power at only 74% of what it would have cost you just a month ago.
Pair this with an already attractive payback period and you could see a return on your investment in as little as 2-3 years. Plus, our product’s 20-year design life grants you a significant income stream for decades to come.
For a full list the latest state and federal incentives and rebates visit the Database of State Incentives for Renewables & Efficiency (DSIRE). For more information visit our website.