Cash Instead of Tax Credits for Qualifing Energy Generation Projects
August 2009 U.S. Department of the Treasury and Department of Energy to make Direct Cash Payments for Businesses Developing Renewable Energy Facilities- The U.S. government announced Friday that it is now accepting applications for renewable energy funding lead by President Barack Obama ’s initiative to expand nationwide sustainability and green energy job prospects. The U.S. Department of Energy , along with the U.S. Department of the Treasury will be allocating direct payments in place of tax credits to companies that establish and develop renewable energy facilities; funding to the sum of roughly $3 billion for approximately 5,000 generation plants producing varying sources of renewable energy . Secretary Steven Chu states, “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 ren...