NECEC is evaluating the impacts of the evolving crisis on various clean energy sectors and ensuring that clean energy activity can move forward where feasible.
NECEC recognizes and respect the amazing efforts of our public officials who are, and should be, placing public health first as they respond to the crisis. While we are mindful of the balance our governments must strive during this time, NECEC is responding to the inevitable delays in supply chain, permitting, and construction by urging state leaders to exercise flexibility in administering programs to ensure that projects can move forward, that barriers to clean energy deployment are mitigated, and that the impacts on the clean energy industry are understood and remedied wherever possible.
On April 2, the Massachusetts Legislature passed H.4617, An Act to address challenges faced by municipalities and state authorities resulting from COVID-19, calling for various changes to municipal operations, tax collections, the sale of alcoholic beverages, permitting, corporate governance, and the hiring of public retirees during the COVID-19 state of emergency. Check out our breakdown of the legislation for more information.
NECEC Government Relations Executive Dan Bosley analyzed the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act which was enacted on March 27. Check out his post on the NECEC blog as we continue to monitor the implementation of this legislation.
On March 25, NECEC wrote to state officials in New England and New York on behalf of the clean energy industry regarding COVID-19. In this letter, we shared recommendations for ways that energy leaders can mitigate the significant impacts the pandemic is bringing to our region, such as...
- Reasonable accommodation of program timelines
- Acknowledgement of essential clean energy business activities
- Inclusion of clean energy businesses in economic support efforts
On March 24, NECEC submitted a letter to the New England and New York federal delegation concerning Congressional action to benefit our regional clean energy industry during this challenging time. Our recommendations included the following:
- Allowing developers access to financial advances in lieu of investment tax credits
- Restoring the investment tax credit to 30% and delay the phase-down
- Providing federal funding to support clean energy businesses and their workers
The U.S. Small Business Administration (SBA) is offering a several resources in response to COVID-19, including low-interest federal disaster loans for working capital and the Express Bridge Loan Pilot Program to access up to $25,000.
Keeping in Touch
Clean energy companies across the region, from energy efficiency to residential solar, are now facing unprecedented challenges. If your business is experiencing market disruption due to COVID-19, please let NECEC know.
Our friends at E4TheFuture are in DC working to ensure that clean energy/efficiency workers and businesses can access basic support. Sharing stories about real people is the most powerful way to break through the noise and get legislators to do what it takes to help businesses survive and recover. Add your voice - how is the crisis affecting your business?
Sponsor Expertise and Assistance
Foley Hoag has formed a firm-wide, multi-disciplinary task force dedicated to client matters related to the novel coronavirus (COVID-19). COVID-19 stands to be one of the most impactful uncertainties on business in 2020. In the rapidly changing global health environment, Foley Hoag is working with clients to evaluate and understand the potential effects of COVID-19 on their businesses. They are committed to business continuity by providing clients the resources required to develop and implement legal and operational policies and procedures, as well as business strategies during the outbreak.
Mintz attorneys and professionals are here to help clients respond strategically to the unprecedented business and industry challenges posed by COVID-19. Our multidisciplinary team is actively monitoring and advising on various business issues across multiple sectors affected by the pandemic, and providing insight to meet challenges related to liquidity and capital management; operational resilience and supply chain; workforce and human capital; navigating federal, state, and local government responses; and managing risk, compliance, and litigation.
ecoCFO, which provides outsourced CFO and Accounting services to cleantech and renewable energy companies, is rallying around clients whose businesses are affected by the uncertain economic outlook due to COVID-19. ecoCFO has accelerated its grant and loan application services and is currently assisting clients with Small Business Administration (SBA) loans and financial relief under the Paycheck Protection Program (PPP) provided under the CARES Act. They are also guiding clients by optimizing cash reserves, creating new cash flow forecasts and drawing up contingency plans to weather the global pandemic. A new COVID Business Resilience resource center is available on the ecoCFO website to provide financial, tax, and business strategy advice and links to critical articles. Businesses can contact ecoCFO here.