Clean Energy Technologies, Inc., a clean energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, announced today that congress passed a bill just before the holidays that has seemed almost impossible in recent years. Tucked up into the coronavirus stimulus package are provisions that address climate change and promote clean energy spending, and we are excited.
This bill is so significant that it represents actual action addressing global warming by Congress in over a decade. This bill allows $35 billion in clean energy spending and requires that the United States phase down greenhouse gas emissions. It also requires companies in the United States to decrease production and hydrofluorocarbons (HFCs) by 85 percent over the next 15 years. Not only is this piece of legislation with bipartisan support the most significant relating to clean energy in over a decade, but it also offers vital tax credit eligibility for waste heat to power.
CETY’s Clean Cycle Organic Rankine Cycle (ORC) heat recovery generator is a magnetic bearing waste heat to power technology. According to the Heat is Power Association, waste heat to power (WHP) is the process of recovering heat that is wasted and using it to create power with no combustion or emissions. Due to inefficiencies in factories, homes, cars, and several other places, most of the energy that is accessible is lost. This heat that is lost is often hot air and is considered “waste heat.” Our technology converts heat from various sources into clean, affordable electricity, which can be either sold back to the grid or offset electrical costs. The Department of Energy (DOE) suggests that in the United States, waste heat is the biggest opportunity for industrial energy efficiency and estimates that there are 15 gigawatts of waste heat to power capacity. CETY’s technology and other WHP systems have many benefits, according to the Heat is Power Association, including “improving industrial energy efficiency, improving electrical reliability for key processes, reducing carbon footprints, reducing the cost of purchased electricity and fuel, and generating revenue by selling excess power.”
Included in the bill is crucial tax credit eligibility for WHP systems. For the first time, WHP has become eligible for a 30 percent tax credit. In recent years, investment tax credits helped increase solar and wind development by reducing costs. According to the DOE, recognizing WHP for the Investment Tax Credit would benefit the United States industry by increasing efficiency, reducing emissions, and saving money. Simultaneously, we believe it would boost implementation rates of WHP systems, which would lead to the creation of more manufacturing jobs in the United States. Waste heat is important because it is clean energy that is emission-free and fuel-free, and therefore should have the same incentives as other renewable sources.
If the bill passes through the Senate as many have projected, we believe it could bring more attention to WHP systems. With the investment tax credits, costs for WHP projects would be lowered as well. We are optimistic that more companies would benefit and use WHP systems to recognize and lower costs. Thus, we could expect an increase in economic and environmental benefits, including more American jobs, support vital manufacturing industries in the United States, and reduce our carbon footprint on an overheating planet.