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President Extends Energy Efficiency and Renewable Provisions
President Obama has signed a bill that will extend many energy efficiency and renewable energy provisions through 2011. Included is Section 1603 of the American Recovery and Reinvestment Act, which provides cash assistance to energy producers instead of tax credit.
Under the guidelines, the federal government will provide cash instead of tax credit totaling up to 30% of the qualifying cost of the project. The measure has been passed in the U.S. House and U.S. Senate and will extend for one year the start-of-construction deadline for wind and solar projects.
Also extended through 2011 are a $1-per-gallon production tax credit for biodiesel, credit for manufacturers of energy-efficient homes, a 50-cent-per-gallon alternative fuel tax credit, and credits for manufacturers of energy-efficient refrigeration units, dishwashers, and washing machines.