Sununu Introduces Tax Credit for Purchase of Energy Friendly Wood Pellet Stoves
WOOD
Keene Sentinel
Kenna Caprio
Boston University Washington News Service
April 3, 2008
WASHINGTON— In an effort to stimulate both the local and national economy and encourage cleaner energy sources, Sen. John Sununu (R-N.H.) has developed an initiative that provides an income tax credit for the purchase of energy-efficient wood pellet stoves.
Sununu on Thursday joined Sens. Maria Cantwell (D-Wash.) and John Ensign (R-Nev.) in introducing the bipartisan Clean Energy Tax Stimulus Act of 2008.
A main initiative of the act is to extend the clean energy tax credits already existing under the Energy Policy Act of 2005, which pertains to solar, wind, and hydropower resources. The other is to extend and include additional energy-efficient appliances in the energy efficiency tax credit.
Sununu’s provision adds wood pellet stoves to the energy-efficient group.
“In New Hampshire the sun doesn’t shine as much [as states where solar and wind power are prominent], but it has a great history of sustainable forestry,” Sununu said
Wood pellet stoves provide cleaner energy than other heat resources because wood pellets are usually made of recycled sawdust, bark and agricultural wastes
“In particular, we are grateful for Sen. Sununu’s dogged determination in securing a modest tax credit provision for high-efficiency, clean-burning biomass heating appliances,” Steve Walker, president and CEO of New England Wood Pellet in Jaffrey, said in a press release. “With oil heating costs going through the roof, this measure should help struggling New Hampshire families make the switch to locally produced biomass fuels such as wood pellets to heat their homes.”
The act also places emphasis on stimulating the economy because of the current price of oil and the economic struggle Americans are currently facing.
“Rising energy prices place enormous financial pressure on families and business across New Hampshire and the nation,” Sununu said in a press release. “These renewable energy tax credits help lower this burden and represent smart policy for our environment. Most important, the bill makes good sense for New Hampshire, where our wood, biomass and wood pellet industries here have provided jobs across the state.”
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