$3 billion made available for renewable energy

subscribe

The Obama administration unveiled guidelines that will allow companies to apply for some $3 billion in government funds to boost development of renewable energy projects around the country, creating jobs.

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.

Related News

Barakah Unit 1

Barakah Unit 1 reaches 100% power as it steps closer to commercial operations, due to begin early 2021

UAE - The Emirates Nuclear Energy Corporation, ENEC, has announced that its operating and maintenance subsidiary, Nawah Energy Company, Nawah, has successfully achieved 100% of the rated reactor power capacity for Unit 1 of the Barakah Nuclear Energy Plant. This major milestone brings the Barakah plant one step closer to commencing commercial operations, scheduled in early 2021.

100% power means that Unit 1 is generating 1400MW of electricity from a single generator connected to the UAE grid. This milestone makes the Unit 1 generator the largest single source of electricity in the UAE.

The Barakah Nuclear Energy Plant is the largest source…

READ MORE
turkey solar panel

Covid-19 puts brake on Turkey’s solar sector

READ MORE

Should California classify nuclear power as renewable?

READ MORE

wind power

New York State to investigate sites for offshore wind projects

READ MORE

renewable power fuel cell

New fuel cell could help fix the renewable energy storage problem

READ MORE