Plug Power Could Run if Biden Loosens Hydrogen Tax Rules

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With the world going green, keep an eye on hydrogen stocks like Plug Power (PLUG). Over the last few days, the Biden Administration announced new guidelines on hydrogen tax credits.

“The tax credit, called 45V, can save companies up to $3 per kilogram of production if they can meet the tough new standards proposed. They’ll have to purchase clean electricity from new generators that only started operating within three years of the hydrogen production facility coming online. This is meant to ensure that hydrogen production helps add new sources of clean energy to power grids rather than sucking that resource dry,” says The Verge.

Unfortunately, it’s already being seen as too restrictive.

However, companies, like Plug Power do expect the restrictions to be loosened. In fact, according to company CEO Andy Marsh, “We do expect the regulations to loosen up. I’ve talked to many senators who tell me it will get easier — not harder,” as quoted by Bloomberg.