December 9, 2010

Renewable advocates push for loan guarentees in new Tax Bill

A Treasury grant program for renewable energy projects is set to expire at the end of the year, and solar and wind companies said their industry is in for a rough ride if it isn’t renewed.

The program, which covers up to 30% of the cost of alternative energy projects, delivers the funds to owners about two months after completion. The grant is responsible for more than 1,100 solar sites and more than 200 wind-power efforts across the country, comprising billions of dollars in investment, according to industry officials.

But a proposed one-year extension fell through in Congress over the weekend and is conspicuously absent from the tax deal announced this week.

Without the incentive, the renewable power space is headed for a slim-down, according to officials from trade groups Solar Energy Industries Assn. and American Wind Energy Assn. in a conference call with reporters Wednesday.


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