Last night, with the passage of the Federal Tax Bill, the U.S. House of Representatives ensured another year of outstanding growth for the US solar industry: a one-year extension of the Department of Treasury Section 1603 program better known as the Cash Grant.
The program was created by the American Recovery and Reinvestment Act (Section 1603) to provide commercial solar installations with a cash grant in lieu of the 30 percent solar investment tax credit (ITC). President George W. Bush signed the 8-year ITC into law in 2008, but the economic conditions created by the global recession made it clear that few would be able to utilize the tax credit.
So far, the TGP has helped move forward more than 1,100 solar projects in 42 states and supported $18 billion in investment. The program has been critical in allowing the solar industry to grow by over 100 percent in 2010, create enough new solar capacity to power 200,000 homes and provide work to more than 93,000 Americans.
Solardelphia looks forward to a booming 2011!
Here are Some Background Materials Courtesy of SEIA
SEIA policy overview of Treasury Grant Program: http://seia.org/cs/federal_issues/treasury_grant_program
Fact sheet on TGP and job creation: http://www.seia.org/galleries/FactSheets/Factsheet_TGP.pdf
Summary of solar projects awarded a Treasury Grant: http://www.seia.org/galleries/pdf/TGP_Awards.pdf
EuPD Research "Economic Impact of the Extension of the TGP": http://seia.org/galleries/pdf/EuPD_Research_Solar_Report.pdf
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