Renewable Energy 30% Cash Grant Deadline
December brings the end of the nations most aggressive incentive for Alternative Energies If your one of Alaska's business owners and you have been looking into integrating a renewable energy system into your property, 2010 may be the year to initiate that goal. December of 2010 will bring to an end of one of the nations most aggressive incentives for businesses to purchase and install a renewable energy system. The American Recovery and Reinvestment Tax Act of 2009, will allow qualifying businesses to incorporate a renewable energy system and receive a 30% cash grant 90ft Endurance Wind Turbine installed in Homer Alaska back in lieu of a tax credit from the US treasury for the cost of the unit and full installation.
In January 2009, the US Treasury opened up this 30% cash grant for businesses throughout American to install a renewable energy system such as wind and solar. One of the main reason for this incentive is to spur job creation with the funds saved from these new systems as well as diversifying our energy production throughout America. Although the administration only started this program the summer of 2009, this December 31st 2010 will be your last day to apply for this incentive and this program will no longer continue.
"The AKWI financial team has been able to qualify over 18 businesses since this incentive was available. This year they have already helped over 10 new businesses for this 30% cash grant and are now supporting many more businesses that are trying to rush their applications in before the final deadline." Says Nadia Daggett, Operations Manager with Alaskan Wind Industries.
To qualify, the US Treasury is requiring your application to be turned in to their department with either 5% of the construction completed or a binding contract showing full purchase of renewable energy system. Grant monies will not be paid until the qualifying system is commissioned and integrated into the property. All businesses installing small wind or solar systems up to 100kW have till 2017 to complete the project. Other larger systems such as the Fire Island project, need to have their systems installed and producing energy by 2012 to receive their grant funding. Engineering, planning and permitting as well as site work such as clearing and surveying however does not qualify as meeting the required percentage of physical construction, and will not secure the business the 30% incentive as a cash grant.
"Over the past few years, our financial team has applied for many businesses to combine this 30% cash grant with other incentives to receive as much as 50% in the form of a cash grant. By combining all the incentives we have seen payoffs as short as 5 years and return on investments (ROI) over 20%" Nadia Daggett, Operations Manager with Alaskan Wind Industries.
To learn more about this 30% renewable energy cash grant along with other incentives, Alaskan Wind Industries and the small business development center will be holding 2 renewable energy seminars in the Kenai Peninsula before December. The first is in Seward on November 19th at AVTEC and the second will be on November 29th in Homer at the Homer Chamber meeting room.
To see more details on these seminars please visit http://aksbdc.org/.
To apply for these incentives contact the AKWI financial team at (907) 776-7664 | www.akwindindustries.com