Congressman Earl Blumenauer has introduced a bill that would give a
significant boost to geothermal energy developers, a critical part of
Oregon’s green economy.
The Portland Democrat’s bill, H.R. 5612, would give a 30 percent tax credit for
investments in geothermal energy projects.
Geothermal energy is produced when extreme underground temperatures heat
water to produce steam, much like a conventional boiler.
It becomes renewable when production facilities, which run the steam through
a turbine, reinject the water back into the ground so it can reheat.
“We are literally standing on one of the best solutions to the energy
equation, which is the natural heat of the earth,” Blumenauer said in a
news release. “The United States has more geothermal capacity than any
other country, and by harnessing this heat we can generate clean, homegrown
energy that won’t spill into the oceans or exacerbate global
warming.”
Oregon ended 2009 ranked third in total U.S. geothermal capacity under
development, with 13 projects at various stages of development that together could
yield 370 megawatts, according to a January report by the Geothermal Energy
Association, a Washington, D.C., trade group. That’s roughly enough to
power 370,000 homes.
Read more: Blumenauer bill would boost geothermal energy development
- Portland Business Journal