NC passes CHP investment tax credit law
Biomass Magazine
By Anna Austin
North Carolina is a step ahead of the U.S. federal government in making the installation of clean and efficient combined-heat-and-power (CHP) systems more economically feasible through a CHP or cogeneration investment tax credit recently signed into law by Gov. Beverly Perdue.
House Bill 1829 made several changes to North Carolina’s renewable energy investment tax credit, which was previously only available to solar, wind, geothermal and other renewable electricity production technologies. Beginning in August, businesses that install a CHP system can receive a tax credit from the state equal to 35 percent of the cost of the equipment, construction, and installation, up to a maximum of $2.5 million. CHP systems for use in places other than at businesses are eligible for a tax credit of up to $10,500.
