Washington, DC, U.S.A. --- (METERING.COM) --- May 16, 2007 – A bill has been introduced in the U.S. House of Representatives aimed at creating a special tax incentive for the installation of smart meters.
Entitled the Energy Conservation through ‘Smart Meters’ Act, the bill seeks to amend the Internal Revenue Code of 1986 to provide a five-year applicable recovery period for the depreciation of “qualified energy management devices”.
For the purposes of the Act, an “energy management device” is defined as “any time-based meter and related communication equipment which is capable of being used by the taxpayer as part of a system that:
(i) measures and records electricity usage data on a time-differentiated basis in at least 24 separate time segments per day
(ii) provides for the exchange of information between supplier or provider and the customer's energy management device in support of time-based rates or other forms of demand response, and
(iii) provides data to such supplier or provider so that the supplier or provider can provide energy usage information to customers electronically.”
The bill was introduced by California congressmen Mike Thompson and Devin Nunes.
“Smart meters empower consumers to make smart decisions about their energy use,” said Thompson in a statement. “This bill helps consumers take a step toward reducing their energy bills and their carbon footprint, as well as our nation's dependency on foreign oil.”
Added Nunes: “Although I believe that Congress should do a lot more to provide increased domestic energy production, cutting-edge energy conservation measures like smart meters should also be part of our national energy strategy.”