$3 billion made available for renewable energy
The funding will help meet the White House's goal to double U.S. renewable energy production over the next three years and also provide companies with easier financing than many can obtain in the private sector where credit remains tight.
The money, from the economic stimulus package, will provide direct payments to companies in lieu of tax credits to support an estimated 5,000 biomass, solar, wind and other renewable energy production facilities.
The Treasury and Energy Departments announced the funding guidelines, which would provide each project with an average $600,000.
Previously energy companies could file for a tax credit to cover a portion of the costs of a renewable energy project. Under the new program, companies would forgo the tax credits in favor of an immediate reimbursement of a portion of the property expense, making funds available almost immediately.
"These payments will help spur major private sector investments in clean energy and create new jobs for America's workers," said U.S. Energy Secretary Steven Chu.
U.S. Treasury Secretary Tim Geithner said the program "will provide additional stimulus to economies in urban and rural America."
Energy companies will be able to apply for the money in coming weeks.
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Ontario introduces new 'ultra-low' overnight hydro pricing
TORONTO - The Ontario government is introducing a new “ultra-low overnight” electricity plan that can benefit shift workers and individuals who charge electric vehicles while they sleep.
Speaking at a news conference on Tuesday, Energy Minister Todd Smith said the new plan could save customers up to $90 a year.
“Consumer preferences are still changing and our government realized there was more we could do, especially as the province continues to have an excess supply of clean electricity at night when province-wide electricity demand is lower,” Smith said.
The new rate, which will be available as an opt-in option as of May 1,…
