Update On Cash Grants For PV Systems In 2011
Commercial businesses can still apply for the 30% cash grant next year for renewable energy. The Recovery Act allows taxpayers to receive cash assistance from the Treasury Department in lieu of tax credits.
According to the guidance from the Treasury department, commercial businesses can still apply for the 30% cash grant next year if they incur 5% of the cost of a renewable energy (solar) plant in 2010. This means if a purchase order is signed and a deposit paid by the end of this year, a solar PV system is eligible for the 30% cash grant.
What can be done to reduce the short and long term costs of commercial energy? Until the end of 2010, qualified businesses can participate in the American Recovery & Reinvestment Act of 2009 (ARRA) which provides a cash rebate of 30% of the cost of a solar-produced (renewable) energy system. The rebate generally comes within 60 days following completion of the system installation.
Benefits of solar produced energy include:
- Significantly reducing overall energy cost;
- Converting power costs from variable to fixed;
- Creating a highly reliable and low maintenance power system; and
- Becoming a truly green and sustainable business.
A PV solar energy system can take advantage of the ARRA Program before it expires on December 31, 2010.