March 5 (Bloomberg) -- Grants to renewable-energy developers under the U.S. Treasury Department’s 1603 program have been reduced by 8.7 percent because of automatic cuts to the federal budget that took effect March 1.
The reduction applies to awards approved after that date, according to a letter posted on the Treasury Department’s website yesterday. The lower rate will run through the end of the fiscal year in September, when it may change.
The 1603 program offers cash grants of as much as 30 percent of development costs for renewable-energy projects that began construction before the end of 2011.
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