The U.S. government on Friday said it is now accepting applications for some $3 billion in government grants to boost development of renewable energy projects around the country. 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. Projects must begin construction this year or in 2010 to get the grants.
The U.S. government on Friday said it is now accepting applications for some $3 billion in government grants to boost development of renewable energy projects around the country.
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. Projects must begin construction this year or in 2010 to get the grants.
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The Treasury and Energy Departments announced the funding guidelines earlier this month. Each project is expected to receive an average of $600,000, but there is no cap on how much a company can get or a limit on the total funds that will be available.
"This program will play a major role in encouraging private sector capital to invest in clean energy development, creating new jobs that can't be outsourced," Energy Secretary Steven Chu said in a statement.
"It is an investment that will continue to help our economy grow and ensure advancement in clean and renewable energy development," he added.
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