Obama Signs Stimulus Package
President Obama made the $787 billion stimulus package official with his signature Tuesday. The package comes with goodies for solar, wind, smart grid, plug-in hybrid cars and other types of greentech businesses. (...) The American Recovery and Reinvestment Act will set up a program to provide roughly $60 billion worth of loan guarantees to offset the costs of manufacturing renewable energy equipment, developing renewable power projects and building electric transmission lines. (...) A 30 percent investment tax credit will be available for companies that make equipment for renewable energy systems, energy storage equipment, smart grid, energy-efficient lighting, electric transmission and distribution and carbon capture and sequestration. (...) Grants will be available, instead of a tax credit, for offsetting 30 percent of the cost of installing a solar energy system at home or business. Large-scale solar plants, often developed to sell power to utilities, also are eligible. This applies only to systems that are installed in 2009 and 2010. Projects that began before the end of 2010 and put in service by Jan. 1, 2017 also qualify. The U.S. Department of Treasury will still need to work out the details of the program. Consumers who buy qualified solar water heating systems can claim a one-time tax credit that equals 30 percent of the cost of a system. Previously, this tax credit had a cap of $2,000. More details here.