SALEM — New permanent rules for the Oregon Department of Energy’s Renewable Energy Development Grant program go into effect today.
These rules are a part of ODOE’s new Energy Incentives Program, which was created by House Bill 3672 (2011) and amended by HB 4079 (2012). The EIP replaces the Business Energy Tax Credit program, known as BETC. The new rules include the application process, prioritization of applications within funding limits and performance agreement conditions.
A renewable energy system installed by an Oregon business can qualify for a grant of up to $250,000, not to exceed 35 percent of eligible project cost.
ODOE will post an announcement for renewable projects in 2013 and will award grants through a competitive selection process.
Grant proceeds are provided through the auction of tax credits, limited to $1.5 million each fiscal year. The next auction of tax credits will take place in October.
A copy of the new rules is on ODOE website at http://cms.oregon.gov/energy/CONS/docs/RenewableEIPRule08152012.pdf
About the Oregon Department of Energy: The Oregon Department of Energy provides tax credits, grants, loans, technical assistance and energy information for home owners, businesses, manufacturers, farms, ranches, schools and governments.