Under Section 1603 of the American Recovery and Reinvestment Act, The Department of the Treasury will be offering grants for renewable energy installations. Previously, incentives were in place that offered tax credits on renewable energy property, but under this program, reimbursements will be provided in one lump sum.
The grant program was announced earlier this year, but the actual application has not been finalized. In an effort to allow consumers to keep projects moving, the Department released guidelines last week that detail the eligible projects and estimated reimbursements for various types of projects. Solar panel (PV) installations, for example, will be reimbursed at 30% of materials.
Applications, when available, can be submitted retroactively for work that started as early as January 2009. The application deadline is October 1, 2011. Reimbursements for qualified applicants will be dispersed after the work is completed, in most cases, so Grants will be provided on a reimbursement basis, so projects have to be funded initially by other means. Low interest loans and other aid may be available, through the PPA loans or Keystone HELP programs.
For more information, guidelines and a sample of the anticipated application, click here.