ITC expiration could have consequences for renewable energy in the US
The Business Energy Investment Tax Credit (ITC) is set to expire soon in the U.S., unless Congress takes steps to resolve this issue. The ITC provides financial support for those developing renewable energy systems. This financial aid is needed due to the relatively high cost of developing these systems. The Fuel Cell and Hydrogen Energy Association has urged federal lawmakers to extend the ITC, which is set to expire at the end of the year.
Hydrogen fuel cells continue to become a prominent energy source
Hydrogen fuel cells are growing in popularity, this popularity is also drawing attention to their high cost. Fuel cells make use of a significant amount of platinum, which comprises their catalysts. These catalysts are needed to power the electrochemical processes that allow fuel cells to produce energy. While researchers around the world have been working to reduce the cost of fuel cell systems, but these energy systems will remain expensive for the time being. This means that fuel cell projects will require some financial aid in order to take form.
ITC has been very beneficial for fuel cell developers
For fuel cell developers working in the United States, the ITC has been a boon. The tax credit has allowed these developers to expand and has supported them to export their products domestically. The ITC has also aided in the development of various other clean technologies, such as photovoltaic systems that generate power using sunlight. The tax credit also supports geothermal energy projects and many of the projects that the ITC has supported have also lead to some economic growth.
Renewable energy is becoming a major priority for the US
Financial support has become one of the top priorities for the United States. The federal government has plans to rely more heavily on clean power, distancing the country from fossil-fuels and combating climate change. Hydrogen fuel cells may play a role in this, especially when it comes to clean transportation. Without financial support, however, the adoption of fuel cells may be sluggish.