The Obama administration recognized that investment channels were frozen and acted to get cash moving into the system – including up to $20 billion in new and modified tax incentives in the American Recovery and Reinvestment Act. Pure Power Distribution, which provides Mobile Solar Power Systems™, now finds itself in an exciting new position — the promise of work and financing, with the immediate and direct support of the federal government.
Here’s how it works: Solar companies can now apply for cash grants in lieu of the ITC, bringing cash upfront to fuel projects. Like the ITC, these Department of Treasury grants can cover up to 30 percent of the cost of qualified renewable energy projects placed in service in 2009-2010, or that begin construction within the next year and are placed in service by 2017. Keeping to the stimulus commitment of quick turnarounds, the Department of Treasury will pay the grant within 60 days of receiving an application.