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Washington, DC – U.S. Energy Secretary Steven Chu announced today that the Department of Energy will provide up to $30 billion in loan guarantees, depending on the applications and market conditions, for renewable energy projects.  Another $750 million will support several billion dollars more in loan guarantees for projects that increase the reliability, efficiency and security of the nation’s transmission system.  The two new loan guarantee solicitations announced today are being funded partly through the Recovery Act and partly through 2009 appropriations.

“These investments will be used to create jobs, spur the development of innovative clean energy technologies, and help ensure a smart, strong and secure grid that will deliver renewable power more effectively and reliably,” said Secretary Chu.  “This administration has set a goal of doubling renewable electricity generation over the next three years.  To achieve that goal, we need to accelerate renewable project development by ensuring access to capital for advanced technology projects.  We also need a grid that can move clean energy from the places it can be produced to the places where it can be used and that can integrate variable sources of power, like wind and solar.” Read more

This morning, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu hosted a group of clean energy developers and manufacturers at the White House to discuss how the American Recovery and Reinvestment Act (Recovery Act) is creating jobs and helping expand the development of clean, renewable domestic energy. At the meeting, Secretaries Geithner and Chu announced $550 million in new awards(to 25 projects) through the Recovery Act’s 1603 program, bringing the total to more than $1 billion awarded to date to companies committed to investing in domestic renewable energy production. The projects do not include any in Alaska, but are spread throughout the country, including Hawaii, New Jersey, Texas and California. Read more

U.S. Secretary of Energy Steven Chu today announced a new $450 million program designed to catalyze a nationwide energy upgrade that experts estimate could save $100 million annually in utility bills for households and businesses. The Recovery Act’s “Retrofit Ramp-Up” program will pioneer innovative models for rolling out energy efficiency to hundreds of thousands of homes and businesses in a variety of communities.

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The U.S. Department of Energy (DOE) announced the selection of national laboratory-led projects for up to $11 million this year, as well as future years, subject to annual appropriations, under DOE’s competitive laboratory solicitation for the development of Advanced Water Power Technologies. These projects will advance the science needed to accelerate the commercial viability, market acceptance, and environmental performance for both new marine and hydrokinetic technologies as well as technologies and methods to improve on the performance of conventional hydropower facilities.

The following national laboratories and projects have been selected for award negotiations.

Topic Area One: Supporting Research and Testing for Marine and Hydrokinetic Energy (up to $2.5 Million for up to three years)

  • National Renewable Energy Laboratory (Golden, Colorado), and fourteen partners, including universities, private industry, and three other DOE national laboratories, will develop essential tools and methods for the engineering, design, and testing of marine and hydrokinetic devices. Research will be performed in the areas of mechanical engineering and machine performance; testing hydrodynamics and sediments; development and testing of advanced materials; and system simulation and visualization.
  • Sandia National Laboratories (Albuquerque, New Mexico), along with partners from universities and other national laboratories, will evaluate hydrokinetic device designs and performance, develop hydrodynamic theoretical and numerical models to create design codes for use by industry; and conduct basic research in materials, coatings, adhesives, and manufacturing to increase the reliability and cost-effectiveness of marine and hydrokinetic devices.

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WASHINGTON – With the goal of expanding development of renewable energy projects throughout the United States and creating new jobs, the U.S. Department of Energy and the U.S. Department of the Treasury today announced they are now accepting applications for a 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 bio-mass, solar, wind, and other types of renewable energy production facilities. The funding for this effort is made available through the American Recovery and Reinvestment Act.

Said Secretary Chu: “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.  It is an investment that will continue to help our economy grow and ensure advancement in clean and renewable energy development.”

“As we move quickly to get our economy back on track and to repair the financial system, we must make investments that lay the foundation for a stronger economic future,” said Treasury Secretary Timothy Geithner.  “Too many renewable energy projects have stalled due to a lack of financing.  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.”

The Recovery Act authorized Treasury to make direct payments to companies that create and place in service renewable energy facilities beginning January 1, 2009.  Previously, these companies could file for a tax credit to cover a portion of the renewable energy project’s cost; under the new program, applicants would agree to forgo future tax credits in favor of an immediate reimbursement of a portion of the property expense. The Energy Department will assist Treasury in implementing this program by reviewing the technical merits of the applications.

In previous years, the tax credit has been widely used.  The rate of new renewable energy installations has fallen since the economic downturn began, as projects had a more difficult time obtaining financing.  The Departments of the Treasury and Energy expect a fast acceleration of businesses applying for the direct cash payment in lieu of the tax credit, allowing for an immediate stimulus in local economies.

Earlier this year, Energy and Treasury held a stakeholder outreach conference call to assist companies in applying for the program. They also made available in advance the program’s terms and conditions, guidance, and a sample application so that companies could prepare applications in advance of the launch of the web-based application, aimed at expediting the distribution of program funds to eligible businesses.

Companies interested in applying for the program can visit the U.S. Department of the Treasury’s Application Submission page for more information.

Media contact(s):
Energy Public Affairs, (202) 586-49400
Treasury Public Affairs (202) 622-296