Treasury and energy departments release long-awaited rules for grant money.
When Congress was debating an extension of the Renewable energy tax credits set to expire at the end of 2008, the loudest argument from the Wind and solar industries was that letting the tax credits expire would have a deleterious affect on renewable energy development in the United States. And before the credits expired, Congress passed a short term extension of the Renewable Energy production and investment tax credits.
But then the credit markets froze. There was little to no money to borrow to get projects off the ground. At that point, the extension of the production tax credit was almost moot.
Recognizing this, the authors of The American Recovery and Reinvestment Act of 2009 addressed some of the problems created by the credit freeze by authorizing the Treasury Department to make immediate, direct payments to companies for projects—in lieu of tax credits—for an estimated 5,000 bio-mass, solar, wind and geothermal energy facilities.
And on Thursday, Energy Secretary Steven Chu and Treasury Secretary Tim Geithner together announced that they were ready to start doling out that cash, or at least how they would dole it out.
The thinking behind the move is that developers will not have to wait until they have a project in production in order to take advantage of the federal tax benefit. The new grant program essentially front-loads the tax benefit, freeing-up money for material, labor and other investments in project development.
“The renewable energy program provides another important avenue for the Recovery Act to contribute to economic development in communities around the country,” said Treasury Secretary Tim Geithner. “This partnership between Treasury and Energy will enable both large companies and small businesses to invest in our long-term energy needs, protect our environment and revitalize our nation’s economy.”
Preventing another renewable energy bust
The $3 billion in grants are designed to temporarily replace the production tax credit (PTC) that has been a critical factor in the growth of renewable energy capacity in U.S. The boom-and-bust cycles caused by lapses in the PTC have been particularly troublesome for the wind energy industry. In the two times the tax credit was let to expire, once in 2002 and again in 2004, new U.S. wind power capacity fell precipitously, taking with it, a burgeoning U.S. wind industry.
The specter of another bust in the renewable energy industry had industry groups welcoming the Thursday move.
“The implementation of this program for renewable energy will be a welcome boost, just when we all need it,” said American Wind Energy Association CEO Denise Bode. The grants can amount to as much as 30% of the value of a new wind project, explained Bode.
“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.”
Solar industry groups welcomed the move as well, emphasizing the fact that it would free-up several projects in various phases of development.
“Solar stimulus is ready, set and … coming soon,” said said Rhone Resch, CEO of the Solar Energy Industries Association (SEIA). “Once Treasury begins accepting grant applications, the solar industry will create tens of thousands of jobs and spur investment in the clean energy economy.”
“There are dozens of large solar power projects in the pipeline that can now move forward,” added Resch.
The Treasury will be launching the web-based application system in the coming weeks and begin making direct payments within 60 days after projects are submitted.
-
ugg ultra tall, with their superior sheepskin and lovely appearance, are widely welcomed by women at all ages. Many superstars, such as Madonna, Kate Winslet, etc, all keep ugg short boots for themselves. So if you get a pair of comfortable ugg rainier for your girls, they will enjoy a warm and fashionable winter you bought them happily.
-
They are the part of the culture of the Australia. But they are also most popular in all the countries regarding its comfort and its style which is awesome. You can find different designs and colors in the Ugg cardy Boots Black. But there are different UGG Classic Tall which are categories according to their colors and designs. You will find that the Ugg Boots which is at the top is Uggs Discount.
-
paul smith Cufflinks is both commercially successful and highly respected within the fashion industry.In this side,we can offer to you manypual paul smith sale,this bag can express the famouse characteristic of London of England.We can offer many style paul smith belts,if you are interest in them ,pls let me know .we will give you lower price ,fast delivery and best service Special Sale Offering,High Quality,Free Shipping 1 Week To Your Door!enter:paul smith scarf
-
These high-end designers like to see timberland waterproof boot! You will definitely impress your friends come to when you walk in your new boot.Fashion is looking good, warm and comfortable. All timberland women's shoes are fit for these standards. You will feel you are surrounded by warmth.This winter make your fashion is your timberland custom.
-
100310SLHFF
I have a severe case of Mbt shoes plantar faciitis that has resisted all forms of treatment including Mbt Sale surgery, physical therapy, night splints, etc.I got a referral to a new podiatrist who recommended trying MBT Sport Shoes. I had to try a few pairs to get a good fit but now love them. They never leave my MBT Chapa Shoes feet. They are so comfortable and take all MBT Lami Shoes the strain out of my heels plus as a benefit I have no joint pain either! I have two pair, one MBT M.Walk Shoes for work and one for outside. The best shoes I ever had and I even tried a funny Discount MBT shoes coiled shoe which while ok were just too ugly Cheap Mbt Shoes to wear. Footwear.etc was fantastic to work with, very easy to order, make returns. Thank You!I absolutely love MBT shoes. I have purchased a MBT Shoes on sale different style 2 years ago and I loved it- it ended my search for a mbt masai shoes cure for my plantar fasciitis which I've had for mbt shoes review about 5 ...
-
100310SLHFF
I have a severe case of Mbt shoes plantar faciitis that has resisted all forms of treatment including Mbt Sale surgery, physical therapy, night splints, etc.I got a referral to a new podiatrist who recommended trying MBT Sport Shoes. I had to try a few pairs to get a good fit but now love them. They never leave my MBT Chapa Shoes feet. They are so comfortable and take all MBT Lami Shoes the strain out of my heels plus as a benefit I have no joint pain either! I have two pair, one MBT M.Walk Shoes for work and one for outside. The best shoes I ever had and I even tried a funny Discount MBT shoes coiled shoe which while ok were just too ugly Cheap Mbt Shoes to wear. Footwear.etc was fantastic to work with, very easy to order, make returns. Thank You!I absolutely love MBT shoes. I have purchased a MBT Shoes on sale different style 2 years ago and I loved it- it ended my search for a mbt masai shoes cure for my plantar fasciitis which I've had for mbt shoes review about 5 ...
-
100311SLHYZ
The hero of this novel was Oliver Twist, an ghd stylers, who was thrown into a world full of poverty and crime. He suffered enormous pain, such as hunger, thirst, beating and abuse. While reading the tragic experiences of the little Oliver ghd iv styler, I was shocked by his sufferings. I felt for the poor boy, but at the same time I detested the evil Fagin and the brutal Bill. To my relief, as was written in all the best stories ghd hair straighteners, the goodness eventually conquered devil and Oliver lived a happy life in the end. One of the plots ghd mk4 that attracted me most is that after the theft, little Oliver was allowed to recover in the kind care of Mrs. Maylie and Rose and began a new life. He went for walks with them ghd mk4 styler, or Rose read to him, and he worked hard at his lessons. He felt as if he had left behind forever the world of crime chi flat irons and hardship and poverty. http://www.stylerghd.com/specials.html
