The 2009 American Recovery and Reinvestment Act – commonly referred to as “the stimulus” – made government funding available for a wide range of development activities, including the deployment of renewable energy systems at individual businesses.
However, many corporate leaders may not be aware that they can still cash in on the act’s incentives today.
Reimbursement amounts range from 10 percent of the capital costs for geothermal heat pumps and microturbines to 30 percent for solar and wind projects. A diverse group of companies have benefited from this program already, including manufacturers, hotels and furniture stores.
The only requirements are that the business must have completed or currently be in the process of installing renewable energy equipment at their facilities and the project must have been initiated before December 31, 2011.
However, in order to cash in on the incentives, businesses must provide considerable documentation and work with an external audit service in order to verify the amount spent on the equipment and installation, as the cost of the project directly affects the amount of reimbursement that the company is eligible to receive.
Companies interested in seeking financial compensation under the rules of this program must file their claims by September 30, 2012.
Going forward, working with a financial project consulting service can help companies plan their development initiatives in a way that allows them to take advantage of opportunities to benefit from tax credits, grants and other government initiatives, as well as market trends.
Especially for organizations that do not have extensive financial planning staff, partnering with an interim investment analyst can help businesses identify opportunities, evaluate options and execute projects efficiently.