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"Emergency Economic Stabilization Act of 2008"

Provisions that Impact GridPointG Portfolio Companies

 
Section A. I.  Renewable Energy Incentives 

  •  Long-term Extension of Energy Credit
     - Extends 30% ITC for fuel cells through 2016 and increases cap to $1,500 per half kilowatt of capacity (Trulite)
     - Adds small commercial wind as a qualified investment (GridPoint)
     - New 10% ITC for geothermal heat pumps (Verdient)

  •  Long-term Extension of the Residential Energy-Efficiency Property Credit
     - Extends the 30% ITC for residential solar property through 2016 (GridPoint)
     - Removes the $2,000 credit cap for residential solar electric investments (GridPoint)
     - Adds residential small wind investment with a cap of $4,000 as a qualified investment (GridPoint)
     - Adds geothermal heat pumps capped at $2,000 as a qualified investment (Verdient)

Section A. III.  Transportation and Domestic Fuel Security 
  • Incentives for Idling Reduction Units
     - Provides an exemption from heavy vehicle excise tax for the cost of idling reduction units designed to eliminate the need for engine idling (e.g., to provide heating, air conditioning or electricity) (Trulite, Verdient)

  • Extension of Biodiesel Production Tax Credit
     - Extends the $1.00 per gallon production tax credit for biodiesel
     - Biodiesel imported and sold for export is not eligible for credit effective May 15, 2008

Section A. IV.  Energy Conservation and Efficiency  

  • Extension of Energy-Efficient Buildings Deduction
     - Extends deduction for cost of energy-efficient property installed in commercial buildings up to $1.80 per square foot for a 50% energy savings through 2013 (Verdient)
     - Savings must be achieved through energy and power cost reductions for heating, cooling, ventilation, hot water and lighting


  • Extension of Credit for Energy Efficient Improvements to New Homes
     - Extends credit for construction of energy efficient new homes that achieve a 30% reduction ($1,000 credit) or a 50% reduction ($2,000 credit) in heating and cooling energy consumption.  Credit extended through 2009 (GridPoint, Verdient)


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