New Hampshire, U.S.A. -- The solar industry on Wednesday launched its opening salvo to build support for an extension of a Treasury Department program its says has the potential to add tens of thousands of jobs while continuing to spur billions in private investment.
Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), spoke with the media to discuss the soon-to-expire Section 1603 Treasury Grant program, which allows energy developers in many industries such as solar, wind and biomass to receive a 30 percent grant in lieu of an existing tax credit. This direct payment comes only after a development comes online.
The grant, said Resch, has helped the solar industry become one of the fastest growing sectors of the economy. Since its inception in 2009, the program has helped partially fund nearly 20,000 commercial solar projects with a combined capacity of more than 800 megawatts. It was conceived as a tool to combat a sagging tax equity market that developed during the economic downturn in 2008. Since then it has become a vital part of financing for all types of renewable energy projects, giving developers the type of liquidity needed to draw new investment.
Read more: http://www.renewableenergyworld.com/rea/news/article/2011/10/solar-industry-1603-extension-would-add-37000-jobs?cmpid=rss
Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), spoke with the media to discuss the soon-to-expire Section 1603 Treasury Grant program, which allows energy developers in many industries such as solar, wind and biomass to receive a 30 percent grant in lieu of an existing tax credit. This direct payment comes only after a development comes online.
The grant, said Resch, has helped the solar industry become one of the fastest growing sectors of the economy. Since its inception in 2009, the program has helped partially fund nearly 20,000 commercial solar projects with a combined capacity of more than 800 megawatts. It was conceived as a tool to combat a sagging tax equity market that developed during the economic downturn in 2008. Since then it has become a vital part of financing for all types of renewable energy projects, giving developers the type of liquidity needed to draw new investment.
Read more: http://www.renewableenergyworld.com/rea/news/article/2011/10/solar-industry-1603-extension-would-add-37000-jobs?cmpid=rss
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