"Funding Rules to Aid Renewables Unveiled"

"The Treasury and the Energy Department today unveiled long-awaited new rules under which the government will pay up to 30 percent of the cost of renewable energy projects.

The program was authorized by Congress as part of the stimulus package in February, but many projects have been on hold as investors waited to apply for the grants.

Government officials said that although there is no cap for the funding, they expected to give out $3 billion in grants. ...The Department of Energy estimated that the renewable energy projects will have annual production of more than 13 million megawatt-hours of electricity, or enough renewable energy to supply over half a million homes."

Matthew L. Wald reports for Green Inc in the New York Times July 9, 2009.

See Also:

"U.S. Makes $3 Billion Available for Renewable Energy (Reuters)