Source: Department of Energy, 9.22.09, Recovery Act Announcement
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 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.
"This Recovery Act program is an example of a true federal partnership with the private sector," said Treasury Secretary Geithner. "Not only are our Recovery dollars meeting an immediate funding need among innovative companies, they are also jump-starting private sector investment in communities across the country—with benefits for the renewable energy industry and our economy alike."
Said Secretary Chu: "These investments are crucial to ensuring America can compete and win in the race for the clean energy jobs of the future. With American workers and American innovation, we can and must lead the world when it comes to the new Industrial Revolution in clean energy."
Created under Section 1603 of the Recovery Act, the program provides cash assistance to energy producers in place of tax credits. The payments improve project viability, enabling companies to create and retain jobs, and establish sufficient financing bases for projects that may otherwise not be possible, dramatically expanding and accelerating the development of renewable energy projects throughout the country. Under this program, the federal government provides a cash payment in lieu of a tax credit totaling 30% of the qualifying cost of the project; for each federal dollar spent in payments, more than two dollars are spent in private sector investments.
In the listing provided by the Department, the Bob's Big Boy solar installation was listed, having received a grant funding check of $53,648 back on its solar power investment. This check was in addition to the state California Solar Initiative incentive.
Click here for information and photos regarding the Bob's Solar Power installation.