Federal Renewable Energy Cash Grants Expire Forever on December 31st
What are Federal Renewable Energy 1603 Grants?
These grants were set up to enable small businesses to invest in renewable energy systems that weren’t paying enough taxes to take advantage of the full 30% Federal Tax Credit for Renewable Energy.
How far along does my project need to be in order to qualify for the 2011 1603 Grant?
- 5 percent of your equipment costs need to be incurred by 12/31/2011, or
- Construction of your system needs to have started between 1/1/2009 and 12/31/2011. Generally, construction begins when “physical work of a significant nature” begins.
Who is eligible to apply and what do I need to know?
- Any taxpaying entity eligible for the 30 percent Business Energy Investment Tax Credit or the 30 percent Renewable electricity production tax credit (PTC) (for corporations) can opt to receive these grants instead of a tax credit.
- Applicants will not be able to get a tax credit AND a grant.
- Residential solar power systems are not eligible.
- Covers other forms of renewable energy systems including wind, solar thermal electric and more.