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$5 million in BETC renewable energy tax credits claimed quickly
1/7/2011
ODOE masthead
 
 
 
 
 
 
 

FOR IMMEDIATE RELEASE
 
 
11-04
Contacts:
Diana Enright, 503-378-8278
In Oregon 1-800-221-8035
 
SALEM—A high volume of interest in Business Energy Tax Credits (BETC) for smaller renewable energy projects has closed the latest round of applications. The projects, with costs less than $500,000, are processed on a first-come, first-served basis. Known as Tier 1 projects, the first of three phases of tax credits to be allocated in 2011 opened on Jan. 3 and closed on Jan. 5. Five million dollars in tax credits was available for Tier 1, Phase 1. 
 
Another $5 million will be available for Tier 1, Phase 2, which will open on Feb. 18. The final $5 million available for Tier 1, Phase 3 will open on April 11. Once Tier 1 funds are exhausted, the application and payment will be returned to the applicant and there will be no waitlist created for any of the Tier 1 phases.
 
The Oregon Department of Energy received 122 applications for Tier 1, Phase 1. Of those, 12 were rejected and the remaining 110 will be reviewed. These include 63 applications for the homebuilder tax credit, 36 for solar photovoltaic (PV), four for solar thermal, four wind proposals, two hydro projects and one combination solar thermal and PV.
 
There are some things to keep in mind when submitting a BETC application:
  • Make sure the review charge you submit is correctly calculated
  • The project cost must be less than $500,000 for Tier 1
  • Only submit one application per envelope
  • Please use the correct form off the Oregon Department of Energy website
  • Sign the application
 
The 2010 Legislative Special Session put a $300 million cap on the amount of potential Business Energy Tax Credits available for renewable energy projects. HB 3680 also created a tiered system of application review and spelled out evaluation criteria. 
 
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About the Department of Energy: The Oregon Department of Energy (ODOE) provides tax credits, loans, technical assistance and energy information for homes, businesses, manufacturing, farms, ranches, schools and governments. For more information, visit ODOE’s website at www.oregon.gov/energy.
 

 

Oregon Department of Energy
Main OfficeHermiston Field Office
625 Marion St. NE, Salem, OR 97301-3737
395 E Highland Rd.
Phone: 503-378-4040Hermiston, OR 97838
Toll-free in Oregon: 1-800-221-8035P: 541-567-3840
Fax: 503-373-7806