U.S. makes $3 billion available for renewable energy

WASHINGTON (Reuters) – The Obama administration on Thursday unveiled guidelines that will allow companies to apply for some $3 billion in government funds to boost development of renewable energy projects around the country, creating jobs.

The funding will help meet the White House’s goal to double U.S. renewable energy production over the next three years and also provide companies with easier financing than many can obtain in the private sector where credit remains tight.

The money, from the economic stimulus package, will provide direct payments to companies in lieu of tax credits to support an estimated 5,000 bio-mass, solar, wind and other renewable energy production facilities.

The Treasury and Energy Departments announced the funding guidelines, which would provide each project with an average $600,000.

Reuters