An article by Rachel Z. Azoff for Multifamily Executive magazine which is devoted to News and business strategies for apartment and condo owners, managers, and developers reminds us that time is running out for green energy funding.
It’s important for us to note that this applies to individual home owners as well.
The Department of Treasury’s Section 1603 federal renewable energy grant program, enacted as part of the American Recovery and Reinvestment Act of 2009, is scheduled to expire at the end of the year. To take advantage of the program, developers must either break ground on a project by December 31, 2010, or incur 5 percent of the total project cost by the end of the year and complete the building by the end of 2011. The grant applies to both new construction and retrofits and can go towards a variety of sustainable technologies including solar, fuel cells, wind turbines, and geothermal heat pumps.
“The grant has been a tremendous success, helping with the adoption and investment of solar technology at a time when the market for tax credits and overall demand for capital improvements has been down,” says Mike Hall, CEO of Borrego Solar Systems, a San Diego-based solar installer. “If there’s a project that developers are contemplating or in the planning stages on and need [this] grant in order for it work, they need to accelerate the [development] time line.”
While there is a slim chance that the grant program could be extended, Hall warns developers not to count on it. “There seems to be some political will to extend the program, but it hasn’t happened yet.”
For more information contact: