Washington, DC, U.S.A. — (METERING.COM) — October 7, 2008 – Smart meters and smart grid systems in the United States will qualify for accelerated depreciation under new legislation signed into law by President George Bush last week.
To date the depreciation for these technologies was normally over 20 years, but under the new law the depreciation period has been reduced to 10 years.
The provision, contained in the Energy Improvement and Extension section of the Emergency Economic Stabilization Act of 2008, are among a number of provisions to advance energy conservation and efficiency, the development of renewable energy and domestic fuel security. Other elements include credit extensions for energy efficiency improvements to homes and energy efficient appliances, a new credit for plug-in electric vehicles, and the creation of energy conservation bonds to finance government initiatives to reduce greenhouse gas emissions.
The smart meter provision has been hailed by the Demand Response and Advanced Metering Coalition (DRAM).
“The accelerated depreciation for meters and other technologies will help make the transition to new technologies faster, less costly and more certain,” said Dan Pfeiffer, vice president of regulatory affairs for Itron and a member of the DRAM Executive Committee. “We hope that this will be the first of many supportive steps that Congress takes to help advance the use of demand response and smart technologies.”