‘Renewable Eenergy grants benefit Central Illinois’
From The Heartland Partnership
The federal government is now offering grants instead of tax credits for companies that upgrade, enhance or put in new renewable energy operations as part of the American Reinvestment and Recovery Act. U.S. Department of the Treasury and the U.S. Department of Energy announced $3 million will go towards renewable energy projects around the country. The goal is to increase economic development and move our nation toward energy independence.
Economic Development Council for Central Illinois COO, Vickie Clark, says this is a great cost benefit for businesses. “They are able to receive the capital up front instead of waiting two years or more to be reimbursed with a tax credit. Companies will have the money they need to begin these projects which means the local job force will be put to work and the businesses will see a long term benefit, like lower utility costs, from having renewable energy operations.”
Companies that create and place in service renewable energy facilities beginning January 1, 2009 are eligible to apply. The program requires applicants to forgo tax credits down the line in favor of an immediate reimbursement of a portion of the property expense up front. U.S. Department of the Treasury says this direct payment program allows for an immediate stimulus in local economies.
U.S. Department of Treasury began accepting applications August 1, 2009. According to the terms, if applicants are accepted they will receive the grant within 60 days of the date of service. For more information visit http://www.energy.gov/news2009/7623.htm.
