As Congress approved the Obama-McConnell tax deal, they also signed off on extending the 1603 Treasury Grant Program, a government incentive program for renewable energy projects, reports the Los Angles Times. The program covers up to 30 percent of the installation costs of solar, wind or other renewable, sustainable energy sources.

Also in the world of renewable energy, Department of the Interior Secretary Ken Salazar and Department of Energy Chief Steven Chu have announced the release of a new study that identifies huge tracts of public land in the West that would be ideal for solar energy projects.

Smaller startups and companies were especially pleased with the renewal, which President Obama is expected to sign by Friday afternoon.

“It gives renewable energy a lot more flexibility in designing transactions and investment structures,” said Matt Haskins, who leads the sustainable business solutions tax practice for PricewaterhouseCoopers. “An additional year of eligibility is going to help get some additional projects under construction.”

Despite the recession, the solar energy community has reported continued growth and stiff competetion coming from China. The 1603 Treasury Grant Program, will help insulate U.S. solar development for the time being.

Via - http://www.lipmantimes.com/?p=18712