Clean Energy Salutes Congress on Passage of Alternative Fuel Tax Credit
Clean Energy Fuels Corp., (NASDAQ: CLNE) has applauded the passage by the U.S. Congress of an alternative fuel tax credit which will continue to support the use of natural gas.
The credit is retroactive to 2015 and extends through 2016 and applies to compressed natural gas (CNG) and liquefied natural gas (LNG).
With an anticipated signature by President Obama, the tax credit will cap a successful year for Clean Energy that includes the completion of 68 station projects and adding over 3,000 vehicles to the Clean Energy fueling network, despite facing the headwinds of lower diesel prices.
As David Biderman, the executive director and CEO of the Solid Waste Association of North America recently said, “…one of the remarkable things that has occurred this year is that despite the declining price of diesel, the purchase of natural gas fueled waste collection vehicles has remained steady as companies and local governments seek to reduce carbon footprint, reduce emissions and reduce costs.”
“The tax credit will support the continued expansion of natural gas fueling in the U.S., which will help to clean our air and keep dollars here,” said Andrew J. Littlefair, president and CEO of Clean Energy.
Natural gas fuel costs up to $1.00 less per gallon than gasoline or diesel, depending on local market conditions. According to the company, the use of natural gas fuel “not only reduces operating costs for vehicles, but also reduces greenhouse gas emissions up to 30% in light-duty vehicles and 23% in medium to heavy-duty vehicles.”
Category: CNG
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