e2/ECTA Applauds Extension of Section 1603 Solar Grants
NJ Company Expects New Demand for Commercial Solar Installation
Hillsborough, N.J.—e2/ECTA today applauded passage in Congress last month of a one-year extension of Section 1603 of the American Recovery and Reinvestment Act. The extension, included in a House tax bill, provides commercial solar, wind and geothermal installations with cash grants in lieu of 30 percent investment tax credits.
Renewable energy projects that start construction before December 31, 2011 are eligible for the grants. The bill also allows up to 100% depreciation bonus for new equipment placed in service this year.
“Extending the Treasury Grant Program is good for jobs, good for energy independence, and very good for solar customers,” said Paul Udowychenko, CEO and President of e2/ECTA. “We’d have preferred a permanent extension of the program, but this opens the door for another year for businesses that have held off on renewable energy projects while they ride out the economic cycle. Our company will be very busy.”
Section 1603, as the Treasury Grant Program is known, was the main driver for growth in U.S. solar energy installations in 2010, supporting 1,179 projects and over $1.3 billion in new green energy investments. Extension of the program is forecast to add 2,000 megawatts of new solar capacity in 2011.
“e2/ECTA will be a significant participant in new solar projects,” Udowychenko predicted. “We’re geared up to move now for companies that can take advantage of the grants.”
e2/ECTA is the fastest growing turnkey supplier of advanced technologies for Solar Energy, Lighting, and HVAC upgrades. Leveraging its expertise in project finance and energy engineering, e2 consultants advise leading companies on ways to reduce energy inefficiency and generate positive cash-flow from renewable energy sources. For more information see: http://www.e2ecta.com.
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