This is the fourth installment about the provisions found in the recently passed Stimulus Bill. Included is information about Solar on Federal Property, Clean Renewable Energy Bonds and Qualified Energy Conservation Bonds.
Solar on Federal Property (federal guidance pending)
Summary
Appropriates $5.5 billion to be deposited into the Federal Buildings Fund for expenditures to construct, repair and make alterations on federal buildings to increase energy efficiency, including installing solar energy equipment. $4.5 billion shall be available for measures necessary to convert General Services Administration (GSA) facilities to high-performance green buildings. Appropriates $1 billion for non-recurring maintenance on Veterans Affairs facilities, including energy projects.
How to Take Advantage of This Funding
GSA must submit a plan to Congress within 45 days, detailing, by project, how funding will be used. GSA is currently reviewing hundreds of projects currently in the agency’s backlog. Projects will be evaluated based on how fast GSA can create jobs and how much added energy efficiency and sustainability can be gained from projects ready for construction awards within two years. The GSA will be considering hiring contractors for various projects with likely priority given to female and minority owned businesses. Once details are determined, they will be posted online. Secretary of Veterans Affairs must submit a plan to Congress with 30 days detailing how funding will be used. Any State may apply directly to the Department of Veterans Affairs for grants for construction of state-owned veterans home facilities. Pre-application is due by April 15 for all projects. State assurance of matching funds is due by August 15 to receive priority status.
Clean Renewable Energy Bonds (CREBs) (Enhanced funding for existing State programs)
Summary
Provides an additional $1.6 billion for new clean renewable energy bonds to finance facilities that generate electricity from renewable energy sources including solar facilities.
How to Take Advantage of This Funding
This is intended for governmental agencies since they cannot take advantage of the ITC. In a CREB financing, the holder of the debt instrument receives a federal tax credit in lieu of interest paid by the issuer. Thus, CREBs provide an issuer with the ability to borrow at a 0% interest rate. Small projects are given first priority. Dept of Treasury sets tax credit rate on a daily basis. Tax credits are made on a quarterly basis. Please coordinate with your municipal government on CREB projects. More information can be found at the CREBs website.
Qualified Energy Conservation Bonds (Enhanced funding for existing State programs)
Summary
Authorizes an additional $2.4 billion, up from $800 million, in bonds to finance State, municipal and tribal government programs to reduce greenhouse gas emissions. These bonds can be used by government agencies to reduce energy consumption in publicly-owned buildings by at least 20 percent, implement green community programs, or develop electricity from renewable energy resources. Demonstration projects that reduce peak electrical use also qualify. Public education campaigns to promote energy efficiency can also be funded.
How to Take Advantage of This Funding
Please check with your municipal government for solar project opportunities through this program
Solar on Federal Property (federal guidance pending)
Summary
Appropriates $5.5 billion to be deposited into the Federal Buildings Fund for expenditures to construct, repair and make alterations on federal buildings to increase energy efficiency, including installing solar energy equipment. $4.5 billion shall be available for measures necessary to convert General Services Administration (GSA) facilities to high-performance green buildings. Appropriates $1 billion for non-recurring maintenance on Veterans Affairs facilities, including energy projects.
How to Take Advantage of This Funding
GSA must submit a plan to Congress within 45 days, detailing, by project, how funding will be used. GSA is currently reviewing hundreds of projects currently in the agency’s backlog. Projects will be evaluated based on how fast GSA can create jobs and how much added energy efficiency and sustainability can be gained from projects ready for construction awards within two years. The GSA will be considering hiring contractors for various projects with likely priority given to female and minority owned businesses. Once details are determined, they will be posted online. Secretary of Veterans Affairs must submit a plan to Congress with 30 days detailing how funding will be used. Any State may apply directly to the Department of Veterans Affairs for grants for construction of state-owned veterans home facilities. Pre-application is due by April 15 for all projects. State assurance of matching funds is due by August 15 to receive priority status.
Clean Renewable Energy Bonds (CREBs) (Enhanced funding for existing State programs)
Summary
Provides an additional $1.6 billion for new clean renewable energy bonds to finance facilities that generate electricity from renewable energy sources including solar facilities.
How to Take Advantage of This Funding
This is intended for governmental agencies since they cannot take advantage of the ITC. In a CREB financing, the holder of the debt instrument receives a federal tax credit in lieu of interest paid by the issuer. Thus, CREBs provide an issuer with the ability to borrow at a 0% interest rate. Small projects are given first priority. Dept of Treasury sets tax credit rate on a daily basis. Tax credits are made on a quarterly basis. Please coordinate with your municipal government on CREB projects. More information can be found at the CREBs website.
Qualified Energy Conservation Bonds (Enhanced funding for existing State programs)
Summary
Authorizes an additional $2.4 billion, up from $800 million, in bonds to finance State, municipal and tribal government programs to reduce greenhouse gas emissions. These bonds can be used by government agencies to reduce energy consumption in publicly-owned buildings by at least 20 percent, implement green community programs, or develop electricity from renewable energy resources. Demonstration projects that reduce peak electrical use also qualify. Public education campaigns to promote energy efficiency can also be funded.
How to Take Advantage of This Funding
Please check with your municipal government for solar project opportunities through this program
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