BRIGHTON, Mich., Dec. 16, 2015 (GLOBE NEWSWIRE) -- CGE Energy (OTCPink:CGEI), the leading engineer of no capital cost energy solutions, commends Congress for its proposed bipartisan agreement that extends the Investment Tax Credit (ITC) for U.S. renewable energy projects. The ITC was set to expire at the end of 2016.
Tuesday night, as part of a larger budget deal, Congress voted on legislation for a 5-year extension of the ITC that gives a 30% federal tax credit for commercial installations of solar PV systems and an extension with a progressional phase down of the tax credit for small wind systems.
Utilizing their proprietary business models, CGE Energy has made energy projects possible for commercial and non-profit facilities, without having to rely on government stimulus. “We have made an important focus on not being dependent on the Investment Tax Credit on our project development, especially considering the uncertain future of the credit,” said CGE Energy’s President and CEO Bryan Zaplitny. “Seeing these latest legislative decisions, the utilization of the ITC where appropriate will increase the benefits we can give our customers as well as expedite our growth and stockholder appreciation.”
With the ITC's deadline up in the air, large rooftop solar companies like SolarCity were forced to slow growth after years of manipulating the ITC.
CGE Energy is also in the midst of bringing to market their own patented vertical axis small wind turbine, called WIND•e20®. The 105-foot tall turbine is being manufacturing by Burtek Enterprises, Inc. a well-recognized market leader in safety critical applications. Zaplitny stated, “With increased economics, the ITC extension also allows our WIND•e20® turbine to serve an unlimited amount of people around the world.”
While solar gets most of the attention, small wind innovations play into a more comprehensive and diverse solution for the U.S. economy to exhibit lower carbon use and increase job growth. Experts say that the tax credit extension will stimulate more than $125 billion in new investments for the U.S. economy.
"Future focused leaders in both Houses have now shown their support for boosting our economy and create thousands of jobs across America while reestablishing the U.S. as the global leader in clean energy,” concluded Zaplitny.
About CGE Energy
CGE Energy (OTCPink:CGEI) is the leading engineer of no capital cost energy solutions. Headquartered in Brighton, Michigan, the company integrates the optimal configuration of renewable energy and energy efficiency technologies to meet their customers unique energy needs. Today the company serves customers in the U.S. and abroad, using energy technologies that include Cree® LED lighting, their patented WIND•e20® wind turbine and SolarWorld® solar generation. http://www.cgeenergy.com
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