The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

U.S. Treasury Issues ITC Grant Guidance, More Stimulus Money to Flow to Renewables

The U.S. Department of the Treasury and the U.S. Department of Energy on Thursday announced that an estimated US $3 billion will be made available for the development of renewable energy projects around the country and made issued the guidance businesses will need to submit a successful application.

Funded through the American Recovery and Reinvestment Act (Recovery Act), the program will provide direct payments in lieu of tax credits in support of an estimated 5,000 bio-mass, solar, wind, and other types of renewable energy production facilities.

The Recovery Act authorized Treasury to make direct payments to companies that create and place in service renewable energy facilities beginning January 1, 2009.

In previous years, the tax credit has been widely used. It is considered a successful incentive for encouraging the development of renewable energy. In 2006, approximately $550 million in tax credits were provided to 450 businesses.

To expedite implementation of the program, Treasury and Energy have made available the terms and conditions, guidance, and a sample application so that companies can prepare successful applications in advance of the launch of the web based application in the coming weeks – yet another tool designed to facilitate the timely flow of program funds to eligible businesses.

Reaction to the announcement within the renewable energy industry was positive accross the board on Thursday.

“Solar stimulus is ready, set and … coming soon. The Treasury guidelines allow solar developers to prepare formal applications that will be accepted at a later date. Once Treasury begins accepting grant applications, the solar industry will create tens of thousands of jobs and spur investment in the clean energy economy,” said Rhone Resch, CEO of the Solar Energy Industries Association (SEIA).

The American Wind Energy Association (AWEA) also welcomed the announcement from the Obama Administration.

“As with all industry, the economic conditions of the past eight or nine months have held US back. We believe these grants will help get our companies back on track, create more jobs, and balance our electricity portfolio with clean, renewable energy. The implementation of this program for renewable energy will be a welcome boost, just when we all need it,” said Denise Bode, AWEA's CEO.

VA Stimulus Money to Include Renewables

In addition to the guidance being issued for Treasury grants, the Department of Veterans Affairs (VA) is targeting nearly one-quarter of its $1.4 billion in funds from the American Recovery and Reinvestment Act to investments in clean energy generation and energy conservation.

VA will direct more than $68 million to renewable sources, including solar, wind and geothermal energy and has dedicated nearly $238 million toward retrofitting existing buildings to use energy and water more efficiently.

Those efforts, planned for 16 states and Puerto Rico, include solar-powered electricity and hot water energy systems at VA hospitals in Arizona, Texas and southern California; geothermal energy in Idaho; and wind turbines in several states.

To use energy and water more efficiently, facilities are replacing or upgrading windows and roofs; upgrading lighting to more efficient types; automating lighting controls and energy management systems; installing low-flow faucets and toilets and other water-conserving equipment; installing variable-volume air handling units; and enhancing boiler control systems and tune-ups.

"These measures, identified through regularly scheduled energy audits, facility condition assessments, and ongoing monitoring by energy engineers and other staff, are important steps in 'greening' VA," said Secretary of Veterans Affairs Eric K. Shinseki. "In conjunction with the investments in clean energy generation and other green projects that VA is making through its Department-level Green Management Program, these retrofits are key steps in reducing VA's environmental footprint."

Untitled Document

RELATED ARTICLES

Welspun Commissions 52-MW Solar Power Plant in India

Vince Font Leading Indian solar developer Welspun Renewables has commissioned the construction of a massive solar plant in the state of Maharashtra. The planned 52-megawatt (MW) solar plant will be located in the city of Baramati. The...

Regional News from the July/August 2015 Digital Edition of Renewable Energy World

Renewable Energy World Editors EcoFasten Solar announced that it launched a new mounting "Rock-It System" that it would be displaying during Intersolar. Product compliance was determined through testing per UL Subject 2703, which reviews integr...

SkyPower Inks $2.2 Billion Deal for Massive Solar Power Plant in Kenya

Eric Ombok, Bloomberg Kenya’s Energy Ministry and SkyPower Global Ltd. will sign a $2.2 billion agreement on Sunday that paves the way for the Canadian company to develop a 1-gigawatt solar project in East Africa’s biggest economy. The solar pro...

Making a Match: How Solar Companies and Banks Hook Up

Jennifer Runyon The announcements are fairly frequent: SunPower Partners with Admirals Bank for $200 Million Solar Loan Program, Deutsche Bank to Lend $1 Billion for Japanese Solar Projects, Financing Partnerships Drive North Carolina's So...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Doing Business in South Africa – in partnership with GWEC, the Glob...

Wind Energy in South Africa has been expanding dramatically, growing fro...

Presenting at Infocast's Utility Scale Solar Summit 2015

Oct. 21, 2015 4:30-5:15pm Albie Fong, National Director, Solar Frontier ...

Fuel Cell Seminar & Energy Exposition

Attracting an international audience, the Fuel Cell Seminar features the...

COMPANY BLOGS

Behind Every Good Decision

When something about your business isn’t working, you set out to c...

Clean Energy Patents Maintain High Levels in First Quarter, Solar L...

U.S. patents for Clean Energy technologies from the first quarter of 201...

An Overwhelming Paradox

I’m sure we’re all very familiar with the feeling of being o...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS