A solar company with a Danbury headquarters was included among a dozen projects nationally to receive a combined $500 million from the U.S. Department of Energy as part of the American Recovery and Reinvestment Act.
DOE awarded Solaire Development L.L.C. $2.6 million under an ARRA program that is making direct cash rewards to clean-energy companies in place of tax credits that they might otherwise be able to qualify for in time.
In 2006, some $550 million in tax credits were provided to 450 businesses. The rate of new renewable energy installations has fallen since the economic and financial downturns began, however, as projects had a harder time obtaining financing, and DOE expected a fast acceleration of businesses applying for the energy funds in lieu of the tax credit.
Solaire was one of three companies in the Northeast to receive funding in the initial phases of the program, though DOE expects to award $2.5 billion more.
DOE expects the money to support 5,000 renewable energy facilities across the country, including solar, wind and biomass, while creating 2,000 jobs. The agency is covering up to 30 percent of the costs of solar, wind and biomass installations, and 10 percent of the cost for large-scale geothermal systems.
