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Funding Resources
Funding Resources
| IA Renewable Energy Tax Credits | |
|---|---|
| Type of Incentive | Tax |
| Eligible States | IA |
| Eligible Technology | Backpressure Turbine, Boiler, Combustion Turbine, Condensing Turbine, Extracting Turbine, Fuel Cell, Microturbine, Other, Reciprocating Engine, Heat Recovery Generator, Stirling Engine |
| Eligible Fuel | Biogas, Biomass, Hydrogen, Other |
| Eligible Project Size | 0-2 |
| Number of Awards |
|
| Size of Award | Iowa's Department of Natural Resources (DNR) offers a tax credit for wind, biogas, biomass, methane gas, solar energy conversion facilities located in Iowa and owned (at least 51%) from the following: a resident of Iowa; farm corporation; limited liability company; authorized trust; family farm corporation; family farm limited liability company; family, revocable; or testamentary trust; small business; electric cooperative association; cooperative corporation; or school district. The tax credit is 1.5 cts/kWh or $4.50/MMBtu for commercial heat, methane or biogas projects. The credit is $1.44/MCF for hydrogen fueled projects. Projects will be eligible to receive the credit for up to ten years. The size limits for eligible sources are 90 MW for wind facilities and 10 MW for all other technologies. Also, to qualify facilities must begin operation between July 1, 2005 and December 31, 2010. |
| Start Date | 7/1/2006 |
| End Date | 12/31/2020 |
| Minimum Efficiency(%) |
|
| Additional Information | A project must submit an application for eligibility to the Iowa Utilities Board. If an applicant receives approval then their facility must begin operation within 18 months to remain eligible. To receive credit an eligible facility has to apply again to the Iowa Utilities Board. Either the owner or purchaser of the electricity can claim the credit but this agreement has to be documented in the power purchase agreement. The tax credits are renewable on an annual basis for up to ten years. An eligible owner cannot own more than two facilities that qualify for the credit. Also, an eligible facility must have one owner for each 2 MW of capacity. The tax credits may not be used in tax years prior to July 1, 2006. |
| Web Site | http://www.iowadnr.com/energy/renewable/methane_finance.html  |
| Primary Contact | John Pearce 350 Maple Street Des Moines, IA 50319 U.S.A. John Pearce (John.Pearce@iub.state.ia.us) (515) 281-5679 |