Renewable Energy Grants Extension Approved with Bipartisan Support
Posted by Melissa Mills on Fri, Dec 17, 2010 @ 05:07 PM
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A compromised version of the Middle Class Tax Relief Act of 2010 approved by the Senate earlier this week will stay in effect until December 31st, 2011. This one year extension will ensure the continued growth of the solar industry.
What is the 1603 Grant? |
Rhone Resch, president and chief executive officer of the Solar Energy Industries Association (SEIA), had this to say about the measure: “This program has successfully created thousands of jobs and opportunity in all 50 states for construction workers, electricians, plumbers, contractors that have struggled in this harsh economic climate. An extension to section 1603 will help the solar industry remain one of the fastest growing industries in America and create thousands of new careers.”
Monique Hanis, spokesperson SEIA, expected the approval of the extension to keep the drive up for utilty solar projects over the next year.
"It gives solar a little more flexibility in financing their utility scale solar projects, and it helps with the continued financing of solar projects," she said.
Specifically, the treasury 1603 grant will provide solar energy developers with the opportunity to obtain grants after project completion, whereas previously developers had to wait for a tax credit to take effect.
According to the statement released by SIEA, with the limited number of financial institutions utilizing the tax credits, the grand program has opened up a much needed source of capital; spurring over 1000 solar projects in 42 different states to move forward thanks to over $18 billion in supported investments.
The deal negotiated by President Obama and the Republican leadership was signed into law on December 17th 2010.
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