Clean energy funding awards pass $1 billion mark

In Washington, with the announcement of an additional $550 million in awards, the American Recovery and Reinvestment Act’s 1603 program now totals o more than $1 billion in monies awarded to date to companies committed to investing in domestic renewable energy production. The program provides cash assistance to energy producers in place of tax credits, providing 30% of the qualifying cost of the project. Thus, for each federal dollar spent in payments, more than two dollars are spent in private sector investments.