ANKENY, IOWA – November 20, 2024 (Investorideas.com Newswire) The Iowa Biodiesel Board is celebrating a milestone within the adoption of biodiesel blends, with gross sales in 2023 reaching 486.5 million gallons, practically tripling from the 160.8 million gallons recorded in 2007. The information comes from the state’s new Biofuel Tax Credit Program Analysis Research, revealed by the Iowa Division of Income.
“This exceptional development displays Iowa’s forward-thinking laws and sustained dedication to renewable power, solidifying the state as a nationwide chief in biodiesel manufacturing and consumption,” mentioned Grant Kimberley, government director of the Iowa Biodiesel Board and senior director of market growth for the Iowa Soybean Affiliation.
State incentives, together with a producer’s credit score, a gasoline tax differential, and a retailer’s credit score, together with a credit score for gross sales of 30% biodiesel and above (the nation’s first), performed a vital function on this success. These incentives supply monetary assist to retailers who promote biodiesel blends, successfully making biodiesel extra accessible throughout Iowa and serving to drive a major enhance in biodiesel’s share of Iowa’s diesel market. In 2007, biodiesel blends accounted for 22.6% of whole diesel gross sales in Iowa; right now it represents 58.7%.
“Due to Iowa’s proactive biofuel insurance policies, we’re seeing spectacular development in biodiesel utilization, which gives cleaner gasoline choices and drives financial advantages for Iowa’s communities and the agricultural sector,” Kimberley mentioned. Â “This legislative assist permits us to construct on our renewable power infrastructure, creating native jobs and strengthening our state’s dedication to sustainability.”
Kimberley famous that by growing soybean oil worth, biodiesel helps an estimated 13% of the worth per bushel of soybeans.
Lately, Iowa’s Renewable Gas Infrastructure Program (RFIP) has made important contributions to increasing biofuel infrastructure, funding over 1,300 biofuel initiatives throughout the state. This funding underscores Iowa’s dedication to sustaining its management within the biofuel sector and driving development within the agriculture business, benefiting each customers and native farmers.
IBB Chair Nathan Nolte, who serves as gross sales supervisor of renewable fuels for biodiesel producer AGP, added: “As Iowa continues to spend money on biofuels and strengthen its legislative framework, the state stands as a testomony to how renewable power initiatives can efficiently combine into and bolster native economies. With sustained assist, Iowa is well-positioned to drive biodiesel adoption even additional and proceed serving as a mannequin for states throughout the nation.”
Biodiesel is constituted of agricultural byproducts and co-products, resembling soybean oil.
In regards to the Iowa Biodiesel Board
The Iowa Biodiesel Board represents the biodiesel business in Iowa, from the farmers who develop the feedstock, to manufacturing, by means of distribution to finish customers. Based by the Iowa Soybean Affiliation, IBB operates an unbiased group and board. For extra, go to IowaBiodiesel.org.
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