The US government has begun accepting applications for the renewable energy grants, also known as the Section 1603 program, starting August 1, 2009. Based on the guidelines issued by the US Department of Energy and the US Department of Treasury, the companies that develop renewable energy projects and clean fuel technology can now receive direct payments for certain expenses under Section 1603 of American Recovery and Reinvestment Act (ARRA). Previously, the companies can only file investment tax credit. With Section 1603, they will be able to receive the funding much faster.
The grant to be released is estimated to be $3 billion. This will fund over 5000 new renewable energy facilities around the country.
If you are interested in applying for this grant, you must file the application by October 1, 2011. You may not start constructing the facility before submitting the application. Since the Section 1603 grant is not awarded on a competitive basis, any company that is planning on building new biomass, solar, wind, and other renewable energy production facilities is encouraged to apply.
You can read more information about the guidelines of the Section 1603 program here. To apply for the Section 1603 grant, click here.
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