The cash grant program for renewable energy projects is due to expire at the end of this year, unless Congress chooses to extend the stimulus funding during its lame duck session.
The U.S. Treasury’s "Section 1603" Renewable Energy Grant Program allows project developers to collect cash up front for 30% of capital costs, rather than waiting to recoup the money through tax credits.
The program has been credited with keeping development alive in the sector. The Solar Energy Industries Association (SEIA) says it was responsible for creating 20,000 solar jobs over the last year and a half.
The SEIA and other industry groups are lobbying hard to have the program extended. SEIA cites a study by the U.S. Partnership for Renewable Energy Finance that estimates total financing for renewable energy projects would shrink by about 56% in 2011, if the program expires.
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