The state of Colorado is offering businesses the opportunity to apply for grants for small wind turbine installations.Colorado residents and businesses have until August 28, 2009 to apply for the New Energy Economic Development (NEED) grants. The grants provide funds to purchase and install small wind turbines (or other renewable energy systems). These NEED grants help Colorado residents (or businesses) install small wind turbine systems for much below the normal cost. The NEED grants can be used in conjunction with the Federal Investment Tax Credit (ITC) which further reduces the cost to install the small wind turbines.

These incentives, when coupled with the cost savings from producing one’s own electricity, result in significant investment prospects. The incentive package may even be more attractive in certain Colorado locations where the local utility offers a wind energy rebate to its members. Furthermore, investments in wind energy are expected to provide increasing returns as electricity prices rise as a result of increasing global energy demands and pending legislation such as the American Clean Energy and Security Act of 2009, also known as the “Cap and Trade” bill.

For those interested in applying, applications are due to the Colorado Governor’s Energy Office by August 28, 2009. More information is also available on the Database of State Incentives for Renewable Energy.