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Renewable Energy Tax Incentives Extended

President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on Friday, December 17th, 2010. This will extend the Section 1603 Treasury Grant Program.

The Grant Program was created as part of the American Recovery and Reinvestment Act of 2009. The program can cover up to 30% of the cost of Alternative Energy projects, such as wind or solar power installations. The program is credited with creating thousands of jobs and generating billions of dollars of investments.

The extension allows firms to apply for grants for projects that are started or put in service in 2011. The previous grants only covered projects that started in 2009 or 2010. Section 1603 is not related to the Home Owner’s tax credit for energy efficiency improvements (Section 25C).

Oztek’s OZDSP2000 and OZDSP3000 are used by various customers in both the Wind and Solar industries. Oztek has also provided an OEM solution for a Solar DC/DC Boost Converter.

The extension of 1603 should lead to more project launches in 2011.