60 Shelter Rock Receives Largest Solar Grant
Solaire Development LLC located at 60 Shelter Rock Road in Danbury, CTis pleased to announce that it has received a grant of $2,578,717 forthe 550 KW solar electric (photovoltaic/PV) system it has installedcovering almost 2 acres of rooftop at the 60 Shelter Rock IndustrialPark.
"This grant has greatly enhanced the ability of Solaire Developmentto put this showcase solar system in operation by completelyeliminating the complexity and time delay of the earned tax credits itreplaced," said Peter Lynch, a partner of 60 Shelter Rock Associates."We are grateful to Treasury Secretary Geithner, Energy Secretary Chuand the Obama Administration for their forward thinking and swiftaction in pressing forward with this much needed financing enhancement."
Thisgrant is part of the effort to spur private sector investments in cleanenergy and create new jobs for America’s workers, Treasury SecretaryTim Geithner and Energy Secretary Steven Chu announced on September 1,2009, $502 million in the first round of awards from an AmericanRecovery and Reinvestment Act (Recovery Act) program that provides cashassistance to energy production companies in place of earned taxcredits. The new funding creates additional upfront capital, enablingcompanies to create jobs and begin construction that may have beenstalled until now.
"The Recovery Act is investing in ourlong-term energy needs while creating jobs in communities around thecountry," said Treasury Secretary Tim Geithner. "This renewable energyprogram will spur the manufacture and development of clean energy inurban and rural America, allowing us to protect our environment, creategood jobs and revitalize our nation’s economy."
"These grantswill help America’s businesses launch clean energy projects, puttingAmericans back to work in good construction and manufacturing jobs. Theinitiative will help double our renewable energy capacity over the nextfew years and make sure America leads the world in creating the cleanenergy economy of the future," said Energy Secretary Chu.
Createdunder Section 1603 of the Recovery Act, the program is expected toprovide more than $3 billion in financial support for clean energyprojects by providing direct payments in lieu of tax credits. Thesepayments will support an estimated 5,000 bio-mass, solar, wind, andother types of renewable energy production facilities in all regions ofthe country over the life of the program. As a result of this firstround of funding, more than 2,000 Americans will have access to jobs inthe renewable energy industry – both in construction and inmanufacturing – while moving the nation closer to meeting theAdministration’s goal of doubling renewable energy generation in thenext few years.
The Treasury Department opened theapplication process for the 1603 program on July 31, 2009 and iscurrently making the first awards in half the statutorily mandatedturnaround time of 60 days. Additional awards under the program will beannounced in the coming weeks.
"We hope that our building at60 Shelter Rock will serve as an example to business people around thecountry that solar is not only good for the environment and thecountry, but that it makes financial sense to business owners andtenants as well," said Peter Lynch.
Solaire Development alsofeels that widespread education about solar energy is critical and hasoffered to make the facility available to any corporation, local highschool or college course wishing to schedule a field trip to thebuilding. This will enable students and professionals to see afull-scale commercial solar photovoltaic system in operation and learnfirsthand about the benefits of clean, green solar electricity.
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