Stimulus package gives a boost to clean energy

The LA Times reports:

The renewable-energy sector got a lift from the economic stimulus package signed Tuesday, with a fix to a crucial tax issue that had stalled projects nationwide. Solar and wind companies said it could take several months for the legislation to get portions of the industry moving again. But some players are already gearing up for growth. The American Recovery and Reinvestment Act will invest nearly $79 billion in renewable energy, energy efficiency and green transportation, according to a final tally of the legislation by the nonprofit Environment California. Rive and others are hailing a piece of the recovery legislation that allows developers of renewable-energy projects to swap their existing tax credits for cash grants from the Department of Energy. The switch means little to taxpayers, because the cost to the government is about the same. But it removes a huge financing obstacle that has stymied the sector. That's because solar and wind projects are driven as much by tax policy as they are by the weather. Renewable-energy companies historically have relied on tax credits to help them generate competitive returns and attract investors, a process that has been short-circuited by the U.S. financial meltdown...