The renewable-energy sector got a boost on Oct. 7 when the Dept. of Energy announced it will expand its loan guarantee program to commercial renewable-energy projects under the Energy Policy Act of 2005. DOE also unveiled a new Financial Institution Partnership program (FIPP) to expedite the agency’s loan-guarantee underwriting process and leverage private-sector expertise in funding eligible projects.
Renewable-energy advocates say by expanding the loan-guarantee program to cover commercial, rather than just “innovative” projects, DOE will enable more renewable-energy projects to be built. But, they add, Congress should restore the $2 billion diverted from the loan-guarantee program to pay for the “Cash for Clunkers” initiative.