Renewable Energy Memo

Our weekly compilation of renewable energy news and information from around the Web.

Guidance on Section 48C Credits

The Departments of Treasury and Energy issued joint guidance on the process for seeking over $2 billion in qualified advanced energy project tax credits.  The tax credits are aimed at manufacturers of renewable and clean energy equipment and projects.  Unlike the other tax credits programs, the qualified advanced energy project tax credits are limited to approximately $2.3 billion, so potential recipients of the credits must apply for them in advance and submit several rounds of qualifying information (lasting into March of next year) before they find out whether or not they may receive the tax credits.

Initial applications are due September 16, 2009.

Legislation in Australia

The Australian legislature took steps to introduce new legislation to encourage renewable energy after a bill that combined renewables with emissions cap and trade failed to pass.  Industry groups opposed the emissions reduction plan but there appears to be popular support for moves to encourage renewable energy.  Although Australia accounts for only 1.5 of global greenhouse gas emissions, its pollution, on a per capita basis, leads the world because the nation generates roughly 80% of its electricity from coal. 

 Garden State?

Renewable energy supporters in New Jersey celebrated a milestone last week as the state unveiled its 4,000th solar installation, making New Jersey the second largest adopter of solar power in the U.S. 

“New Jersey continues to be ahead of the curve on energy preservation, implementation of innovative approaches to energy efficiency and the use of renewable energy sources,” Governor Jon Corzine said.

This solar milestone was marked by a ceremonial celebration by the New Jersey Board of Public Utilities (NJBPU) on Tuesday at Birch Arms, a solar-powered, energy efficient housing program in Paterson.

“I also want to commend the BPU, the many representatives of environmental organizations, the solar industry, and the businesses and residents all across New Jersey who have been tireless advocates on behalf of solar development in our state and who share in this achievement,” added the Governor.

One program that the BPU has implemented in an effort to achieve its “Energy Master Plan” goals, is the Renewable Energy incentive Program (REIP). The company website states that it is “striving to use 30 percent of electricity from renewable sources by 2020.”

Green for Me but not for Thee

We covered the distinction between the tax incentives for biodiesel contained in S.B. 1589 (the Biodiesel Tax Incentive Reform and Extension Act) and those tax incentives that expire at the end of this year for alternative fuels that don’t meet the definition of “biodiesel.”  Producers of non-biodiesel alternative fuels will find themselves without any tax incentives after December 31, 2009 unless the existing blender’s credit is extended or legislators make room for non-biodiesel alternative fuels in a new tax credit program.