The U.S. Department of Treasury announced today that it has begun accepting applications for grants in lieu of tax credits under section 1603 of the American Recovery and Reinvestment Act of 2009 (ARRA). ARRA permits an applicant to receive a Treasury Department grant instead of claiming investment tax credits (ITCs) or production tax credits (PTCs) for certain renewable energy property. The Treasury Department expects to pay out $3 billion for about...