U.S. Senator Dianne Feinstein (D-CA) recently introduced a measure to help stimulate and resume development of renewable energy facilities, such as wind farms and solar panel factories. The bill (S. 2899) would extend and expand the Section 1603 grant program, established by the American Recovery and Reinvestment Act (ARRA) to help renewable energy developers secure affordable financing to move forward with stalled projects, and diminish the impact of the economic crisis on the renewable energy sector. The Section 1603 program allows renewable energy developers to apply for grants from the Treasury Department instead of claiming tax credits. The program is currently set to expire at the end of 2010; the legislation would extend it through 2012. Read More…