Menendez Announces Nearly $300,000 To Support Solar Electricity In New Jersey

Menendez Announces Nearly $300,000 To Support Solar Electricity In New Jersey

Washington - Today, US Senator Robert Menendez (D-NJ), member of the Energy and Natural Resources Committee, announced that two New Jersey businesses have been awarded $280,088 in funds by the US Department of the Treasury from the American Recovery and Reinvestment Tax Act to support solar power initiatives.

"This is the type of investment that will help promote the use of clean energy, while helping create jobs critical to our economic recovery. Every day, New Jersey transitions more to a cleaner and more efficient economy, ensuring the air we breathe is clean, cutting energy costs and reducing energy consumption. This is precisely this type of funding that will allow us to continue moving in this direction - laying the foundation for a green and secure economic future in the 21st Century."

The American Recovery Tax Act is part of the American Recovery and Reinvestment Act of 2009. Section 1603 appropriates funds for payments to qualified applicants who place in service specified energy property. These funds are intented to support the generation of electric, mechanical, or thermal energy from renewable resources; as well as create and preserve jobs in projects' construction and operational stages. Treasury makes payments to qualified applicants in an amount generally equal to 30% or 10% of the base cost of the property, depending on the type of renewable energy.

The $280,088 in funding will be distributed as follows:

$230,088 for Paul Central Paramus, NJ

$50,500 for JBHVAC Inc. in Mays Landing, NJ