U.S. Department of Energy - Energy Efficiency and Renewable Energy
Fuel Cell Technologies Office
Treasury, Energy Departments Announce More than $3 Billion in Recovery Act Funds for Renewable Energy Projects
July 10, 2009
To increase economic development in urban and rural areas and in support of energy independence, the U.S. Department of the Treasury and the U.S. Department of Energy announced $3 billion for the development of renewable energy projects.
With funding from the American Recovery and Reinvestment Act (Recovery Act), these grant funds will provide direct payments in lieu of tax credits in support of about 5,000 biomass, solar, wind, and other renewable energy production facilities such as stationary fuel cells.
The Recovery Act authorized Treasury to make direct payments to companies that create and place in service renewable energy facilities beginning January 1, 2009. Previously, companies could file for a tax credit to cover a portion of the renewable energy project's cost; under the new program, applicants would agree to forgo future tax credits in favor of an immediate reimbursement of a portion of the property expense. This direct payment program allows for an immediate stimulus in local economies.
To expedite funding, Treasury and Energy are making available the terms and conditions, guidance, and a sample application so companies can prepare successful applications before the Web-based application is launched.
There are 15 energy efficiency and renewable energy technologies covered, including solar, wind, geothermal, microturbines, and fuel cells. The following details highlight the rules and procedures to receive grant funding.
The grant funding is 30% or $3000/kW, whichever is lower.
There is no limit on the number of projects or funding.
Applications will be accepted starting August 1, 2009.
Applicants will be notified with a decision within 60 days.
Projects must be in service or in construction in 2009 or 2010.
Projects with multiple qualified technologies are acceptable.
Grant funds will be transferred to applicants via the electronic account set up at when the application is submitted.
The Green Job Training Grants Web site provides Webinars for these related grants:
For questions and answers, send an e-mail to email@example.com. For more information, see the EERE progress alert.