Friday, August 21, 2009

The Glory of Green: Environmentally-Friendly Energy Production Can Bring Cash or Tax Credits

A joint announcement from the Energy and Treasury Departments promises over $2 billion in investment tax credits (up to 30% of cost) to businesses manufacturing equipment which helps produce "green" energy. Qualifying purchases will be used to produce solar, wind or geothermal energy, electric cars, electric conservation activities or equipment which captures and removes excess carbon dioxide (wonder is ozone control equipment would also count). Up to $2.3 billion is aware for these credits are available from the "stimulus" bill passed earlier this year (companies can apply starting this October); additionally, payments in lieu of tax credits totalling up to $3 billion is available for facilities which produce renewable energy.

A starting point toward significant environmental improvement or pork to businesses which would have sought alternative energy production anyway?--you make the call. Probably the best selling point for this program was not even mentioned--the chance to reduce dependence on foreign petroleum.


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