With the goal of expanding development of renewable energy projects throughout the United States and creating new jobs, the U.S. Department of Energy and the U.S. Department of the Treasury today announced they are now accepting applications for a program that will make direct payments in lieu of tax credits to companies that create and place in service renewable energy facilities. The two Departments estimate distributing at least $3 billion in financial support to approximately 5,000 biomass, solar, wind, and other types of renewable energy production facilities. The funding for this effort is made available through the American Recovery and Reinvestment Act.

Said Secretary Chu: "."

"As we move quickly to get our economy back on track and t o repair the financial sys tem, we must make investments that lay the foundation for a stronger economic future," said Treasury Secretary Timothy Geithner. "Too many renewable energy projects have stalled due to a lack of financing. The Recovery Act program will lead to investment in our long-term energy needs, move us towards energy independence, increase jobs at energy-specific businesses, and protect our environment."