Economic stimulus legislation approved by the House Ways and Means Committee last week includes language that would allow renewable energy developers to convert tax credits into cash via a proposed new Energy Department grant program. However, the legislation, which the ailing wind and solar industries say is vital to their ability to attract investment, faces opposition in the Senate.
The Ways and Means bill (H.R. 598) would extend the federal tax credit for energy produced from renewable resources for three years; allow renewable energy developers to claim an investment tax credit (ITC) in lieu of the production tax credit (PTC); and allow developers to receive DOE grants in lieu of claiming the ITC for certain projects. Read More