WALTHAM, Mass., Jan. 20, 2016 /PRNewswire/ -- EuroSite Power™ Inc., (OTCQB: EUSP) an On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe is pleased to announce the receipt of $358,780 (£249,118) cash in Enhanced Capital Allowance (ECA) incentives from the UK government. The ECA program provides a tax incentive to businesses that invest in energy-saving equipment that meets published energy-saving criteria. Managed by the UK Department of Energy and Climate Change (DECC), the ECA program is a key part of the UK government's efforts to combat climate-change.
"EuroSite Power's installations provide property managers a cost-free way to install energy saving power and heating equipment. The UK government's ECA program recognizes the efficient design of our CHP systems and rewards us for our ultra-efficient solutions," noted EuroSite Power's Managing Director Paul Hamblyn.
Under the program, UK businesses may write off the entire cost of qualifying green technology against taxable profits in the year of purchase. Although combined heat and power equipment (CHP) does not automatically qualify for an ECA benefit, owners and operators can submit details of the equipment design for assessment to obtain a certificate of energy efficiency. Once a certificate has been granted, the installation can qualify for an ECA incentive payment.
This ECA incentive payment is a result of installations completed in 2014 (and was discussed on the most recent quarterly earnings conference call); tax incentives for fiscal year 2015 have not yet been filed.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility solution customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
EuroSite Power Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). The Company provides institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers – without any capital or start-up costs to the energy user. More information can be found at www.eurositepower.co.uk.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE EuroSite Power Inc.