What aspects do financial institutions consider when deciding whether to support a cogeneration project? First of all they need to evaluate the feasibility of the project, to assess the spark spread and to ascertain whether the state provides incentives for this type of project. Secondly they have to understand whether the profit is enough to cover the investment and to generate savings for the plant owner. Which American states particularly incentivize cogeneration? New York, New Jersey, Maryland, Massachusetts and California.