In
February 2009, the American Recovery and Reinvestment Act of 2009 (H.R. 1)
created a renewable energy grant program that is administered by the
Department of Treasury. This cash grant may be taken in lieu of the federal
business energy investment tax credit.
Effective as of January 1, 2009, grants are available to eligible property
placed in service by the specified credit termination date of January 1,
2013.
The
grant is equal to 30% of the basis of the property for small wind turbines.
Eligible small wind property includes wind turbines up to 100 kW in
capacity.
It is important to note that only tax-paying
entities are eligible for this grant. Federal, state, and local government
bodies, non-profits, qualified energy tax credit bond lenders, and
cooperative electric companies are not eligible to receive this grant.
Partners or pass-thru entities for the organizations described above are
also not eligible to receive this grant. Grant applications must be
submitted by October 1, 2011. The Secretary of Treasury will make payment of
the grant within 60 days of the grant application date or the date the
property is placed in service, whichever is later.
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