09.04.2012: According to a new report published by the US Department of Energy’s National Renewable Energy Laboratory (NREL), photovoltaic (PV) and large wind projects supported by the 1603 Treasury grant program generated up to $14 billion in total earnings and up to $44 billion in total economic output during the program’s lifetime (2009 to 2011). The NREL also estimates that PV and large wind projects funded by the program supported an average of 52,000 to 75,000 direct and indirect jobs per year from 2009 to 2011. Congress created the 1603 program to support the deployment of renewable energy projects at a time when the pool of tax equity investors had dried up. The 1603 program offered project developers a one-time cash payment in lieu of the 30 percent investment tax credit (ITC), thereby reducing the need for project developers to secure tax equity partners. The 1603 program was originally set to expire at the end of 2010; however, the program was extended for one year through the end of 2011. President Barack Obama has called on Congress to again extend the program. According to the NREL, the 1603 program provided more than $1.3 billion in funds to support 23,381 PV projects and nearly $7.7 billion to support 197 wind projects over 1 MW. These projects represent 724 MW of PV capacity and 12,810 MW of wind capacity. … Source: National Renewable Energy Laboratory; Summary: PHOTON http://www.nrel.gov http://www.nrel.gov/docs/fy12osti/52739.pdf |
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