Fifty Dollar Oil Helping Fund Alternative Energy Projects

by Lester Volt

Oct 14, 2004 Toronto - With Oil trading in the $50 range more alternative energy projects are being funded worldwide. Many of these projects were not feasible when oil was trading in the $30 range, but as it passed $40 a barrel wind projects started to make sense and with oil now over fifty, solar projects are beginning to appear in greater numbers.

Add tax incentives, rebates and grants, and it becomes more understandable as to why these alternative energy projects are on the rise.

UK energy minister Mike O'Brien announced that 17 new solar power projects throughout the UK were chosen for funding worth £1.4 million, out of total Government funding of £40 million.

"Solar power could become one of the main renewable energy sources for future decades," said O'Brien.

O'Brien went on to say, "This latest round of successful applications is proof of its growing appeal throughout the country. These projects will help take us a step closer to achieving our renewable energy target of 10% of electricity by 2010 and into the decades beyond."

Honeywell (NYSE: HON) and Cathedral City, Calif. announced a $2.7 million Energy Savings Performance Contract for building and energy efficiency improvements that will help reduce the city's annual operating costs by 33 percent.

In Vermont, Governor James Douglas said his administration had funded over $1 million in renewable energy projects over the last two years but that $143,000 in renewable energy incentives was still available. Governor Douglas said Vermont aided 200 projects in total.

In Benson Arizona the Sulphur Springs Valley Electric Cooperative (SSVEC) members may soon be eligible to receive reimbursements, provided they utilize solar.

SSVEC announced its SunWatts program designed to take advantage of the potential for solar energy in Arizona, said Jack Blair, SSVEC's chief marketing officer at several meetings with citizen groups in Benson and Wilcox.

Under terms of the program, home and business owners would be reimbursed $4 per watt with a 2,000 watt maximum set per household, 5,000 for small businesses, for a maximum of $8,000 for homeowners or half the cost of installation for the solar/photovoltaic or PV unit.

Pennington New Jersey-based WorldWater & Power Corporation (OTCBB: WWAT) renegotiated $800,000 in loans from HIT Credit Union and Hong Kong League Central Credit Union into a $1 million line of credit, reducing interest from 18% to 15% while extending its term to October 2005.

WorldWater has been aggressively promoting its products at conferences across the country since beefing its staff last month when regional manager Lawrence Slominski and solar engineer Mark Pokryska joined the company.

With Slominski pushing more sales WorldWater's improved financing terms should come in handy in California where community energy programs are being explored by municipalities, schools and private enterprise. The company already has the largest agricultural solar pumping project under way in that state and had completed an alternative energy project for a community college there, saving the school 60% in annual energy costs.