U.S. Treasury Now Accepting ITC Grant Applications

The U.S. Department of the Treasury and the U.S. Department of Energy on Friday announced that it is now accepting applications for the estimated US $3 billion that will be made available for the development of renewable energy projects around the country. This follow the guidance for the program being issued earlier this month.

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.

To apply for the program, go to https://treas1603.nrel.gov/.

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