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At the recent National Clean Energy Summit in Nevada, Energy Secretary Ernest Moniz lauded federal loans for green energy projects. You can also get other kinds of loans sanctioned immediately when applied through an online portal, with the help of iva advice from experts. “We have done a lot to try to get renewables out there, in fact in [Nevada] six loan guarantees, four in geothermal, one in CSP, and one on the grid… all come together to see real progress on the ground,” said Secretary Moniz. The loan guarantee programs have garnered significant skepticism and criticism, with much of… [more]
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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]
View InsightOn 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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KL Gates
In the State of the Union President Obama renewed his commitment to the widespread adoption of renewable power as a critical piece of America’s energy and economic future. In last year’s speech he included a proposal to have 80 percent of US electricity come from renewables by 2035. Even making incremental steps towards these goals requires better access to financing for these renewable energy projects. Energy projects, and particularly renewable energy projects, require a lot of money to build. There appear to be 3 key challenges for a renewable energy company to access capital in today’s market. (1) Low natural… [more]
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