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Second Round of Tier 2 BETC Applications Opens

 Diana Enright
 Kathy Shinn
 503- 373-1033
10-60In Oregon 1-800-221-8035
Salem—Oregon Department of Energy announced today that a second round of applications for the Business Energy Tax Credit (BETC) will be accepted beginning October 1 through October 29, 2010 until 5 p.m. for renewable energy projects.
Under the three-tier BETC system, Tier 2 projects have projected costs equal to or greater than $500,000 and less than $6 million and are evaluated using a competitive process. The tax credit covers up to 50 percent in eligible project costs. $10 million is available for the current round.
Tier 2 applications will be reviewed and scored during November and December 2010, with award announcements expected in late December.
The 2010 Legislative Special Session put a $300 million cap on the amount of potential Business Energy Tax Credits available for renewable energy projects. The cap covers the current biennium that began July 1, 2009 and ends June 30, 2011.
Further details about the application process and funding cycles are posted on the Oregon Department of Energy Web site at: www.oregon.gov/ENERGY/CONS/BUS/tax/BETC-Renewables.shtml