President Obama’s Stimulus Package Gives a Boost to Clean Energy
February 18, 2009 by editor
Filed under American Recovery and Reinvestment Act, Solar News
Among the incentives, the plan will allow developers of renewable-energy projects to swap tax credits for cash grants.
The renewable-energy sector got a lift from the economic stimulus package signed Tuesday, with a fix to a crucial tax issue that had stalled projects nationwide.
Solar and wind companies said it could take several months for the legislation to get portions of the industry moving again. But some players are already gearing up for growth.
President Barack Obama signs the American Recovery and Reinvestment Act.
SolarCity, a Foster City, Calif., company that’s one of the nation’s largest residential solar firms, will end a hiring freeze in place since December and begin seeking more installers immediately, said Chief Executive Lyndon Rive.
“We should be adding 16 or so crews over the next few months,” Rive said. “This is a great step toward resolving our challenges.”
The American Recovery and Reinvestment Act will invest nearly $79 billion in renewable energy, energy efficiency and green transportation, according to a final tally of the legislation by the nonprofit Environment California.
