Posted by: admin | July 20, 2009

Direct Funds Instead of Tax Breaks to Stimulate Green Energy Development

In an effort to stimulate the development of clean sources of energy, the Treasury and Energy Department will be providing direct payments of funding rather than the tax credits of past years.
The tax credit approach was successful and widely used in previous years. In the year 2006 about $550 million in tax credits were provided to over 450 separate businesses.  Since the recent economic downturn rate of the development of new renewable energy installations has fallen considerably and projects are finding it difficult to get funding. The energy and treasury departments expect a renewed interest and increased development as funds are made available for these projects, rather than tax credits.

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