U.S. Department of the Treasury and Department of Energy to make Direct Cash Payments for Businesses Developing Renewable Energy Facilities-

The U.S. government announced Friday that it is now accepting applications for renewable energy funding lead by President Barack Obama’s initiative to expand nationwide sustainability and green energy job prospects. The U.S. Department of Energy, along with the U.S. Department of the Treasury will be allocating direct payments in place of tax credits to companies that establish and develop renewable energy facilities; funding to the sum of roughly $3 billion for approximately 5,000 generation plants producing varying sources of renewable energy. Secretary Steven Chu states, “This program will play a major role in encouraging private sector capital to invest in clean energy development, creating new jobs that can’t be outsourced. It is an investment that will continue to help our economy grow and ensure advancement in clean and renewable energy development.” The Recovery Act approves the Treasury to make direct monetary payments to businesses which construct and activate facilities that produce sustainable energy beginning January 1, 2009, which was previously apportioned through tax credits. The Department of the Treasury and Energy anticipate a rush of businesses applying for the cash payment, which will help to support a prompt stimulation in regional economies. “As we move quickly to get our economy back on track and to repair the financial system, we must make investments that lay the foundation for a stronger economic future,” said Treasury Secretary Timothy Geithner. “Too many renewable energy projects have stalled due to a lack of financing. The Recovery Act program will lead to investment in our long-term energy needs, move us towards energy independence, increase jobs at energy-specific businesses, and protect our environment.”