Wind

NVEnergy WindGenerations State Rebate

The WindGenerations Program offers one-time cash incentives for wind generating systems installed by NV Energy customers in Nevada. Qualified customers are eligible to receive the incentive upon completion of the project in compliance with utility standards and program requirements. Incentive Amounts Residential, small business, agriculture: $2.50 per watt up to 10 kW not to exceed 60% of eligible installed system cost. $1.50 per watt above 10 kW up to the program limit of 30kW Schools and Public Buildings: $3.00 per watt up to 10 kW not to exceed 60% of eligible installed system cost. $2.00 per watt above 10 kW up to the program limit of 30 kW Qualified Equipment: The Wind generator(s) must be listed on either the California Energy Commission (CEC) or New York State Energy and Research Development Authority (NYSERDA) lists of eligible wind generating equipment. ETC Green’s 1kW and 4kW wind turbines have been approved by the California Energy Commision and qualify for the NVEnergy Program direct rebate. Please refer to our wind turbine product pages for more...

Qualified Energy Conservation Bonds

The Qualified Energy Conservation Bond limitation has been increased to $3.2 billion from the $800 million authorized in the Emergency Economic Stabilization Act of 2008.  These bonds may be used by state, local, and tribal governments to finance certain types of energy projects through loans, grants, and other repayment mechanisms that implement green community programs. Energy Conservation Bonds may be used for capital expenditures to reduce energy use in public buildings by at least 20% and implement green community programs.   Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....

Clean Renewable Energy Bonds

Under the Clean Renewable Energy Bonds (“CREBs”) program, facilities that generate electricity from eligible renewable energy facilities, including wind energy, can take advantage of project-specific bonds issued by state, local, or tribal governments and electricity cooperatives.  ARRA increases the existing CREBs limitation, authorizing an additional $1.6 billion of new bonds.  Existing rules on how funds should be allocated under the CREBs program remain unchanged. Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....

Advanced Energy Facilities Investment Credit

ARRA creates a new 30% tax credit for investment in property used in a “qualified advanced energy manufacturing project,” i.e., a project which establishes, re-equips, or expands a manufacturing facility that produces products used in the production of energy from renewable sources, including wind.  The total amount value of credits available under the program is $2.3 billion.  Projects will be selected based on a reasonable expectation of commercial viability, innovation, job stimulation, and environmental benefits.  To receive the credit, projects must be certified by the Treasury Secretary in consultation with the Energy Secretary.  Credits will be awarded through an application process.  Treasury must announce requirements for the application by August 16.  Applicants have three years from the date of the award to place the project in service.   Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....

Extension of Bonus Depreciation to 2009

ARRA extends first-year bonus depreciation for qualifying equipment placed in service in 2009, allowing the project owner to recover the costs of capital expenditures faster than the regular depreciation schedule.  Under the bonus depreciation rule, an owner of qualifying property can write off 50% of the adjusted basis of the assets (such as turbines, towers, etc.) placed in service in 2009.  The remaining 50% of the adjusted basis of the property is depreciated over the regular tax depreciation schedule applicable to the property.   Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....

Small Wind Investment Tax Credit

ARRA repeals the dollar caps on the small wind ITC established by the Emergency Economic Stabilization Act of 2008, enabling eligible homeowners and businesses to claim a full 30% ITC for a qualifying small wind energy property.    Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package. 2009. ...

Grant in Lieu of ITC

To help monetize the ITC, ARRA enables taxpayers (that are otherwise eligible to claim the ITC) to elect to receive a cash grant from the U.S. Treasury Department instead of claiming the ITC.  To qualify, the project must be placed in service during 2009 or 2010 or, if construction began in 2009 or 2010, before January 1, 2013.  The grant is not available to any governmental agency, tax-exempt entity, or rural electric cooperative.  Applications must be submitted before October 1, 2011. These grants generally function the same way as the ITC.  The amount of the grant generally is 30% of most of the cost of the facility.  A grant is not included in the taxable income of the recipient, but the tax basis of the facility is reduced by one-half of the amount of the grant.  The Treasury Department must pay the grant by 60 days after the later of:  (a) the date of the application or (b) the date the facility is placed in service.  ARRA contains a specific provision appropriating “such sums as necessary” to make sure that funds will be available to pay grants on all qualifying projects.     Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....

Election to Claim ITC Rather Than PTC

ARRA allows a taxpayer that is eligible to claim the PTC for a wind energy project to claim an investment-based tax credit (“ITC”) in lieu of the PTC.  This election can apply to wind energy facilities that are placed in service from January 1, 2009 to January 1, 2012.  The entire amount of the ITC is available for the year in which a qualifying facility is placed in service.  The credit equals 30% and applies to most of the cost of the facility.  Any unused portion of the credit can be carried back one tax year and carried forward up to 20 tax years.  The owner of a qualifying facility can elect to claim either the ITC or the PTC, but not both.  The tax basis of the facility must be reduced by one-half of the credit claimed.  ARRA also eliminates the reduction of a project’s tax basis (for the purposes of calculating the ITC) if it was financed through subsidies or tax-exempt bonds.     Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....

PTC Incentive – Wind

Extension of PTC Sunset Date.  ARRA extends the production tax credit (“PTC”) for wind energy projects from December 31, 2009 through December 31, 2012.  To qualify for the PTC under the Act, a wind energy project must be “placed in service” on or before that date.  ARRA did not change the basic operation or calculation of the PTC for wind energy projects.  Thus, any qualifying project that meets the placed-in-service requirement will qualify for a credit (indexed for inflation) per kilowatt hour of electricity generated and sold to an unrelated person during each year of the 10-year period beginning on the date the project is originally placed in service. The amount of the credit is 2.1¢ per kilowatt hour for 2009.   Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package....