U.S. Department Of Treasury Now Accepting ITC Grant Applications

August 5, 2009 -- The U.S. Department of the Treasury and the U.S. Department of Energy recently announced they are now accepting applications for an estimated $3 billion that will be made available for the development of renewable energy projects around the country. This follows the guidance for the program being issued in July.

Funded through the American Recovery and Reinvestment Act (ARRA), the program will provide direct payments in lieu of tax credits in support of an estimated 5,000 bio-mass, solar, wind, and other types of renewable energy production facilities.

The ARRA authorized Treasury to make direct payments to companies that create and place in service renewable energy facilities beginning January 1, 2009.

In previous years, the tax credit has been widely used. It is considered a successful incentive for encouraging the development of renewable energy. In 2006, approximately $550 million in tax credits were provided to 450 businesses.

To expedite implementation of the program, Treasury and Energy have made available the terms and conditions, guidance, and a sample application so that companies can prepare successful applications in advance of the launch of the web based application in the coming weeks – yet another tool designed to facilitate the timely flow of program funds to eligible businesses.

To apply for the program, click here.