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Discussion

Impacts of the Section 1603 Program

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: August 2, 2012 at 1:23 PM

Section 1603 of the American Recovery and Reinvestment Act was designed to attract private investors to renewables projects by offering investors a cash reimbursement equal to and in lieu of the 30% federal Investment Tax Credit. According to a recent NREL report, the program has awarded $11.6 billion to around 38,000 projects – which have received $38.6 billion in total investment – and has supported the installation of 16.9 GWs in new renewable capacity. To put that in context, in 2007 third-party tax equity financing provided about $6.7 billion to renewable project developers. In 2009, in the heart of the financial… [more]

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Discussion

Do Energy Subsidies Create Jobs?

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: April 11, 2012 at 7:30 AM

On March 15, members of the House Energy and Commerce Committee sent letters to the Treasury and Energy departments requesting information on the number of energy jobs created by a tax grant program authorized by Section 1603 of the American Recovery and Reinvestment Act. The letters received no response, leading House Speaker John Boehner to say on March 29 that “More than $10 billion – that’s with a ‘b’ – $10 billion has been spent on this, and [Energy] Secretary Chu said it created ‘tens of thousands of jobs,’ except there’s no evidence to support that.” (The Hill) An NREL… [more]

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