Iowa Celebrates Report Biodiesel Gross sales: Tripling in Quantity Since 2007 Because of Proactive State Laws
(ANKENY, IOWA) – The Iowa Biodiesel Board is celebrating a milestone within the adoption of biodiesel blends, with gross sales in 2023 reaching 486.5 million gallons, almost tripling from the 160.8 million gallons recorded in 2007. The information comes from the state’s new Biofuel Tax Credit Program Analysis Examine, revealed by the Iowa Division of Income.
Grant Kimberley, government director of the Iowa Biodiesel Board and senior director of market improvement for the Iowa Soybean Affiliation, stated :
This outstanding 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,
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 essential 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 this moment it represents 58.7%.
Kimberley stated,
Because of Iowa’s proactive biofuel insurance policies, we’re seeing spectacular development in biodiesel utilization, which offers cleaner gasoline choices and drives financial advantages for Iowa’s communities and the agricultural sector,
“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 rising soybean oil worth, biodiesel helps an estimated 13% of the value per bushel of soybeans.
In recent times, Iowa’s Renewable Gasoline Infrastructure Program (RFIP) has made important contributions to increasing biofuel infrastructure, funding over 1,300 biofuel tasks throughout the state. This funding underscores Iowa’s dedication to sustaining its management within the biofuel sector and driving development within the agriculture trade, 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 put money into 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 created from agricultural byproducts and co-products, similar to soybean oil. The Iowa Biodiesel Board represents the biodiesel trade in Iowa, from the farmers who develop the feedstock, to manufacturing, by way of distribution to finish customers. Based by the Iowa Soybean Affiliation, IBB operates an impartial group and board.
For extra info on biodiesel, go to Iowabiodiesel.org.
READ the most recent information shaping the biofuels market at Biofuels Central
Iowa Celebrates Report Biodiesel Gross sales: Tripling in Quantity Since 2007 Because of Proactive State Laws, supply
