Political Quotes

“I am here to draw attention to what I consider to be an urgent need that we include an extension of the Treasury grant program for renewable energy projects in any upcoming tax legislation considered by the Senate. These are called 1603 grants because they were created by section 1603 of the Recovery Act. This grant program has been vital to the renewable energy industry, which creates jobs, promotes energy independence, and is a vital foundation of the emerging clean energy revolution. Section 1603 of the Recovery Act allows for cash grants in place of the 30-percent investment tax credit for renewable energy projects. That direct cash payment provides an immediate jump-start to renewable energy projects. Many renewable energy projects were funded using what were called tax equity partnerships, and much of this funding dried up during the recent credit crunch. The 1603 grant program is a lifeline to renewable energy developers, and it has allowed hundreds of projects to go forward that otherwise would have stumbled or failed. According to the American Wind Energy Association, the cash grants enabled the construction of 10,000 megawatts of new wind capacity in 2009, while just 4,000 megawatts would have been built without the program. The transition for America to a clean energy economy is long past due.”