Loading price data...
OilMonster

Renewable Energy November 29, 2017 06:30:55 AM

Pennsylvania Announces $30 Million in Funding to Promote Solar Energy Projects

Anil
Mathews
OilMonster Author
As per new SEP guidelines, solar equipment manufacturing projects are eligible for loan up to $40,000 and grants up to $5,000 for every new job created within three years.
Pennsylvania Announces $30 Million in Funding to Promote Solar Energy Projects

SEATTLE (Oil Monster): Pennsylvania has announced $30 million in funding to promote the use of solar energy in the state. In connection with this, Governor Tom Wolf released the updated guidelines under the Solar Energy Program (SEP), which now allows for grants in addition to loans. The SEP had already begun accepting applications from businesses that promote deployment of solar panels and local businesses that manufacture solar components.

While making the announcement, Governor Wolf stated that development of new renewable energy sources will help the state to ensure a balanced and diverse energy mix. The SEP plays a critical role in making Pennsylvania a leader in clean energy, he added. Earlier during end-October this year, the Governor had signed the House Bill 118 into law, thereby sealing the loophole that allowed out-of-state transactions of solar renewable energy credits (SRECs). The legislation is expected to bolster solar energy in Pennsylvania.

As per new SEP guidelines, solar equipment manufacturing projects are eligible for loan up to $40,000 and grants up to $5,000 for every new job created within three years. For energy generation and distribution projects, the loan is limited to $5 million or $3 per watt, whichever is less. Also, grants are limited to $1 million or $1.50 per watt, whichever is less. The loan repayment period must not exceed 22 years for equipment and 15 years for real estate. Furthermore, applicants are required to provide matching funds equivalent to one-third of loan funding and full amount of grant funding.

Eligible applicants for SEP loans and grants include businesses, economic development organizations and political subdivisions including municipality, county or school district.

OIL MONSTER Newsletter
Subscribe to OM mailing list and get updates to your inbox