Stimulus Package is Creating More Solar Interest
The passage of the United States Stimulus Package earlier this year has had its critics. Some believe that the money earmarked for renewable energy projects like solar and wind was not a sound investment, particularly as the industries have recently lagged with lack of investment. Many others criticized the amount of monies provided, with fears of how future generations will pay down the debt.
Personally, I’ve wondered how future generations will survive if alternative energy solutions do not get off the ground so that we can get off foreign oil and greenhouse gas emitting fuels. Worry about the debt may be a secondary concern.
Critics aside, it appears that the Stimulus Package is creating more solar interest. After a tough quarter from December through February, Ron Kendi of Sharp Solar remarked last week:
“I call this the green shoots period. We’re seeing new growth.”
What, exactly, is happening to revive solar growth? How is the Stimulus Package helping?
Solar Power under construction
At the top of the list is the new willingness of banks to provide funds for solar projects. Until recently, money was basically frozen and unavailable. Capital is now flowing more freely.
We’ll also be seeing more small-scale solar projects with the monies provided to local governments through conservation-oriented block grants. Municipalities can more easily invest in the renewable energy future of their communities, as a result.
Craig Mataczynski, of Renewable Energy Systems Americas, commented:
“I would characterize the situation as ‘the fog appearing as if it is starting to lift.’ [There is] talk of additional projects that people are looking to build.”
Another outcome of the Stimulus Package is the ability of the Department of Energy has to issue loan guarantees to solar manufacturers. Last week, the DOE issued its first guarantee to Solyndra.
A Treasury grant program should also continue to spur solar energy growth. Grants can be given based on tax credits held by the grant applicant.
The flexibility and range of options to finance solar projects will only continue to increase interest with respect to investing in the industry. Whether as a bank, a governmental entity, or a consumer looking to install solar panels, the time is right now!
Tags: interest in solar projects, renewable energy growth, solar energy growth, stimulus package
