Capstone Products Eligible for Reimbursement From U.S. Government Recovery Act Fund
The U.S. government announced that renewable energy, alternative energy, microturbine and CHP projects, including products from Capstone Turbine Corporation are eligible for reimbursement from a $3 billion fund created through the American Recovery and Reinvestment Act (Recovery Act).
Capstone was the first to market commercially viable microturbine energy products. The company has shipped over 4,000 Capstone MicroTurbine systems to customers worldwide. Capstone turbines and microturbines are an ideal energy solution because they run on a variety of fuels, are cost effective, integrate well with other energy products, and emit low emissions.
The joint program between the U.S. Department of the Treasury and U.S. Department of Energy provides an estimated $3 billion for the development of approximately 5,000 biomass, solar, wind, marine, trash, landfill, geothermal, fuel cell, microturbine, and CHP projects around the country. The program also makes available guidance that is helpful to ensure a successful application submission. Capstone's renewable projects are eligible for a thirty percent grant, while fossil fuel projects can receive a ten percent grant.
"Capstone has been very pleased with the growing support for its technology by the U.S. Government," said Darren Jamison, President and CEO. "We will continue to engage with our government leaders to promote policies that lead to a clean environment, a strong national economy, and a growing market for our business." The Recovery Act authorized Treasury to make direct payments to companies that create and place in service renewable energy facilities beginning Jan. 1, 2009. Previously, companies could file for a tax credit to cover a portion of the renewable energy project's cost; under the new program, applicants would agree to forgo tax credits down the line in favor of an immediate reimbursement of a portion of the property expense. This direct payment program allows for an immediate stimulus in local economies.
For more information: www.capstone.com