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GEO will determine which project will be funded by QEBCs. They will be approved by the state legislature after January 1, 2010. Clean Renewable Energy Bonds (CREBS) were originally approved by the Energy Improvement and Extension Act of 2008. The new CREB authorization was increased from $800 million to $2.4 billion but there was no specific state allocation. They are for capital costs related to renewable energy projects and provide a zero interest tax credit bond for renewable energy projects in which the interest is paid for the Federal government. They can be issued by state and local governments, public power providers, CO-OPs, and CREB lenders. There is no guidance at this time from the IRS about the application process or timing of CREBS. Energy Efficiency and Conservation Block Grants (EECBG) The information below was obtained from the following Governor’s Energy Office webpage http://www.colorado.gov/energy/index.php?/policy/energy-efficiency-and-conservation-block- grants-eecbg/. The ARRA also provided funds for Energy Efficiency and Conservation Block Grants (EECBG). The total allocation for the state of Colorado is approximately $42 million, of which approximately $33 million has been directly allocated to cities, counties and Indian tribes. Approximately $6 million must be distributed to cities and counties who do not receive a direct allocation of EECBG funding. The GEO has submitted a plan to the USDOE that will outline the programs and projects to which they expect to allocate the funds and the mechanisms for distributing the funds. The funds may be used for a variety of energy efficiency and conservation programs and projects including establishment of financial incentive programs and creation of mechanisms for energy efficiency improvements such as energy saving performance contracting and revolving loan funds. Colorado Carbon Fund Through a partnership with the Climate Trust, the Colorado Carbon Fund is looking to identify and evaluate new and verifiable energy efficiency and renewable energy projects that reduce greenhouse gas emissions. This is a voluntary carbon offset program to advance the following objectives: • Develop a funding source for community-based clean energy and climate mitigation projects • Direct investment monies towards CO-based projects • Support Colorado’s climate change mitigation objectives • Provide high quality, credit offsets to entities interested in reducing their carbon footprint. SUMMARY There are several funding opportunities and tax incentives available at this time through both federal and state avenues. Some of them will close in the near future, but some, like the federal tax incentives, will be available for an extended period of time. There might also be the possibility of other funding opportunities in the future. It is always best to check the above provided links to see if there might be opportunities or updates to existing ones. 51PDF Image | GEOTHERMAL RESOURCES GLENWOOD SPRINGS, COLORADO
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