|The election is over and there may be one more chance to pass crucial clean energy legislation before the 111th Congress adjourns. Over the next few weeks, the Senate will consider extending a number of popular tax credits. We believe there may be a chance during this debate to extend the critical 1603 Treasury Grant Program that has supported 20,000 jobs and hundreds of megawatts of clean solar energy over the past two years. More information on the grant program is available on SEIA's website.
What does the 1603 program do?
The 1603 Treasury program provides solar and other renewable energy projects with a cash grant instead of the 30% federal investment tax credit.
Why is it important to extend 1603?
The program will expire at the end of next month, December 2010. Because the financial markets have not fully recovered from the Wall Street meltdown, developers aren't able to find enough tax equity to use all the tax credits available for their solar projects. Extending the 1603 Treasury Program for two years will keep solar incentives working until developers can use the tax credits again. This is the single most important policy to keep solar growing and creating jobs over the next two years.
How can you help?
The Senate will consider legislation to extend expiring tax credits during the lame duck session that begins today. We need your help in making sure that your Senators know that extending the 1603 Treasury Program before it expires is critical. First, check out the stories on the Solar Works for America website and see how solar energy is already creating jobs across the U.S. Then, enter your information below to contact your Senator and ask them to support extending the 1603 Treasury Program.