DOE and Treasury Dept. announce guidelines for ARRA money

The U.S. Dept. of Energy and the U.S. Dept. of Treasury announced the guidelines and terms of conditions for renewable energy project developers to apply for the billions of dollars set aside in the American Recovery and Reinvestment Act (ARRA).

According to GreenBiz.com , the federal stimulus package allows developers to earn a tax grant to grow and expand their renewable energy ideas, eliminating between 10% and 30% of the costs depending on the technology type. All projects must begin construction by the end of 2010 and must be in service by 2017 to earn the grant and certain technology grants require specific size thresholds, while others, including solar power, can be of any size.

The Energy and Treasury departments hope to issue the ARRA grants within 60 days of receiving the completed applications, but that could be adjusted depending on the number of applications received.

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