H Power Endorses Johnson-McNulty Federal Alternative Energy Bill
H Power Corp. (Clifton, NJ) and Energy Co-Opportunity Inc. (ECO, Herndon, VA) have endorsed the Johnson-McNulty federal alternative energy bill, which proposes a $1,000 per kilowatt tax credit for purchasers of stationary fuel-cell systems that supply home electricity. The bill, sponsored by Representatives Nancy l. Johnson and Michael R. McNulty, was introduced in the House on March 28, 2001.
H Power CEO Frank Gibbard commented, “Enactment of this bill can sharply accelerate the adoption of residential fuel cells. At $1,000 per kilowatt, the proposed tax credit would rapidly make residential fuel cells an attractively-priced alternative for millions of households. If adopted in sufficient numbers, fuel cells like H Power's residential cogeneration unit can sharply reduce the reliance on the electric grid, improve power quality and reliability, and diminish the need to build both conventional central-generating facilities powered by fossil fuels and the associated high-voltage transmission lines."