In an effort to promote clean energy, federal, state and local lawmakers have approved a number of incentives for alternative power generation.
Under the leadership of President Obama, the federal government has provided fresh support for renewable energy, including wind energy. In fact, tens of billions of dollars have been committed to the industry over the next decade.
The American Recovery and Reinvestment Act, signed into law on February 17, 2009, provides a 30 percent grant from the U.S. Treasury Department for those who are developing renewable energy projects. Specifically, the bill has removed the $4,000 cap on the investment tax credit for small wind systems (the type WindTamer Corporation produces), allowing small wind investors to claim the full 30 percent investment tax credit for qualified small wind energy projects.
Some states, including New York, offer financial incentives through the Energy Research and Development Authority, as well as cash rebates up to $150,000 for installation of small wind energy turbines. The size of the rebates depends on size and location.
Other states that offer incentive programs include New Jersey, Michigan, California, and Massachusetts. As alternative energy becomes increasingly popular and accessible, we expect to see a greater number of incentive programs available across the nation.
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