U.S. renewable energy gets $43 billion from stimulus
The U.S. has allocated $43 billion from the $787 billion economic stimulus package to boost clean and efficient energy.
(IBTimes) -- 02/18/2009 --

The U.S. has allocated $43 billion from the $787 billion economic stimulus package to boost clean and efficient energy.

The American Recovery and Reinvestment Act of 2009 was signed into law on Tuesday by President Barack Obama.

The chief executive of the American Wind Energy Association, Denise Bode, said in a statement that the industry was "thankful to be called upon, and ready to deliver." She said the funds would create thousands of jobs.

The total investment increases to $65 billion considering $22 Billion from the tax relief program specifically designated for energy, according to recovery.gov, an official website created to track the stimulus package.

The Obama administration has said it aims to create jobs and reduce dependence on foreign oil with the new spending. The fund will allocate funds for various projects which include the development of a more efficient electricity grid and programs to weatherize homes and train people for green jobs.

The money will be allocated as follows, according to a document released by the U.S. House of Representatives:

• $11 billion for a more reliable and efficient electricity grid.

• $6 billion for loans guarantees for renewable energy power generation and transmission projects

• $4.5 billion for U.S. General Services Administration (GSA) for making Federal Buildings more energy efficient

• $6.3 billion in grants to help state and local governments invest in programs to become more energy efficient and reduce carbon emissions

• $250 million to increase energy efficiency for low-income housing sponsored by the Department of Housing and Urban development

• $2.5 billion for energy efficiency and renewable energy research

• $2 billion for advanced batteries and battery systems for vehicles

• $5 billion for home weatherization

• $300 million to provide consumers rebates for buying energy efficient Energy Star appliances

• $300 million to replace federal vehicles for alternative fuel and plug-in automobiles

• $400 million for a new grant program to encourage electric vehicle technologies

• $3.4 billion for technology projects to capture carbon

• $300 million for research to power weapon systems and military bases with renewable energy

• $300 million to help state and local governments purchase efficient alternative fuel vehicles

• $300 million for projects that reduce diesel emissions

• $500 million for training people for green jobs (energy efficiency and renewable energy fields)

An additional $2 billion from the stimulus for science and technology will be given to the Department of Energy for basic research into the physical sciences including high-energy physics, nuclear physics, and fusion energy sciences and improvements to DOE laboratories and scientific facilities. Also, there is $400 million for the Advanced Research Project Agency - Energy to support high-risk, high-payoff research into energy sources and energy efficiency.

About International Business Times

The International Business Times is composed of twelve high-growth online editions (ibtimes.com) that give readers local reports balanced with multinational perspectives. Exclusive and transparent insights from global markets make The International Business Times an indispensable news source for business-minded individuals.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here