On Saturday morning, the geothermal community - gathered in Reno to kick off two workshops, the GEA Geothermal Issues and Outlook Workshop and the GRC Introduction to Geothermal Energy Workshop - was abuzz with the news that yesterday the House extended renewable energy tax credits in a 263-171 vote as part of HR 1424, the $700 billion bailout bill. President George W. Bush signed the bill into law. The Energy Improvement and Extension Act of 2008 extends production tax credits for geothermal power plants for another two years. There is also a 10% credit for geothermal heat pumps.
Project delays? Layoffs? It seems these threats are past, and that the next administration will push security for renewables even more. Geothermal development companies plan to heighten output over the next couple years, so we should see a surge of new plants go on-line.
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