The U.S. Department of Energy and the U.S. Department of the Treasury have announced that they are now accepting applications for their program that will make direct payments in lieu of tax credits to companies that create and place in service renewable energy facilities.
The two departments estimate distributing at least $3 billion in financial support to approximately 5,000 renewable energy production facilities. The funding for this effort is made available through the American Recovery and Reinvestment Act.
‘Too many renewable energy projects have stalled due to a lack of financing,’ says Treasury Secretary Timothy Geithner. ‘The Recovery Act program will lead to investment in our long-term energy needs, move us towards energy independence, increase jobs at energy-specific businesses and protect our environment.’
Companies interested in applying for the program can visit the U.S. Department of the Treasury's Application Submission page (click here) for more information.