Funds to benefit clean energy producers, weatherization programs and state energy program
September 22, 2009
WASHINGTON, D.C.—Nevada Senator Harry Reid today announced $97.5 million in economic recovery funding from the U.S. Department of Energy for weatherization, the state energy program, and to provide cash assistance for geothermal development in northern Nevada.
“Nevada’s unemployment rate is the 2nd highest in the nation, and this investment in clean energy job creation is just what we need” Reid said. “By investing in renewable energy and diversifying our economy we can not only help lift Nevada out of its troubling economic situation, but save the taxpayers’ money by reducing their energy bills.”
The cash assistance portion of this announcement was created under Section 1603 of the Economic Recovery Act, and the program provides cash assistance to energy producers in place of tax credits. This money allows projects to obtain incentives they otherwise wouldn’t get due to limited tax liability, and therefore improves project viability. Under this program, the federal government provides cash payment in lieu of a tax credit totaling 30% of the qualifying cost of the project.