The U.S. Department of the Treasury and the U.S. Department of Energy have selected the recipients of $502 million in American Recovery and Reinvestment Act (ARRA) funding under a program that provides cash assistance to energy-production companies in place of earned tax credits.
Created under Section 1603 of ARRA, this program is expected to provide more than $3 billion in financial support for clean energy projects by providing direct payments, according to the Treasury.
The application process for the 1603 program opened July 31. Today's awards have been selected in half the statutorily mandated turnaround time of 60 days, the Treasury notes.
Solar companies and projects receiving funding include Solaire Development LLC, located in Danbury, Conn., which has been awarded approximately $2.58 million, and Movement Gym's PV system project in Boulder, Colo., which has been awarded $157,809.
The DOE and Treasury expect to announce additional awards in the next few weeks.
SOURCE: U.S. Department of the Treasury