Economic Stimulus-Green Recovery: Senate-House Energy Compromises

Published February 12, 2009 @ 07:35PM PT

Offshore Wind Facility Near Utgrunden, Sweden

Details have been dribbiling into my inbox (thanks, You-know-who-you-are) on the final appropriations in the economic recovery bill -- which alone should create well over half a million jobs. I'll update this post as if and as I get different information:

Energy: About $50 billion, focused primarily on efficiency and renewable energy, including:

$6 billion for renewable energy loan guarantees, via a temporary program to provide loan guarantees for renewable energy systems, electric power transmission systems that begin construction by September 30, 2011.
- Up to $500 million can be used for the development of leading edge biofuels that have been demonstrated and have commercial promise to substantially reduce greenhouse gas emissions.

$6.4 billion to clean up nuclear weapons production sites

$6.3 billion [$3.1 billion] in state energy efficiency and clean energy grants

$5 billion to weatherize modest-income homes; increases the per-home maximum assistance from $2,500 to $6,500

$4.5 billion [$11 billion] for smart grid demonstration projects in geographically diverse urban, suburban, tribal, and rural areas

$4.5 billion make federal buildings more energy efficient

About $2 billion for tax credits for families that purchase plug-in hybrid vehicles ($2,500 per vehicle)

$3.1 billion for state energy program funds, to encourage utility-sponsored energy efficiency improvements and updated energy- efficient building codes

[$3.4 billion for fossil energy research]

$500 million for green job training

$400 million for states to develop electric car charging Infrastructure

$400 million for the Advanced Research Project Agency for Energy

$300 million for federal procurement of plug-in and other fuel efficient vehicles

$300 million for state and local procurement of CNG buses and light trucks

$300 million for diesel retrofits to increase efficiency of older trucks

$300 million in rebates for purchases of energy-efficient furnaces, windows and doors, or insulation

$300 million for Department of Defense near-term energy efficiency technology demonstrations and research

$120 million for Department of Defense energy conservation investment program

Tax Incentives: $20 billion for renewable energy and energy efficiency over the next 10 years:

Includes a three-year extension of the production tax credit (PTC) for electricity derived from wind (through 2012) and for electricity derived from biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities (through 2013)

Provides grants of up to 30 percent of the cost of building a new renewable energy facility to address current renewable energy credit market concerns

Promotes energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation

Provides a tax credit for families that purchase plug-in hybrid vehicles of up to $7,500 to spur the next generation of American cars

Includes clean renewable energy bonds for State and local governments

Establishes a new manufacturing investment tax credit for investment in advanced energy facilities, such as facilities that manufacture components for the production of renewable energy, advanced battery technology, and other innovative next-generation green technologies

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Comments (1)

Sometimes hindsight is 20-20 but here goes: The home foreclosure issue could have been solved already if the $800 Billion bank bailout went instead to bailout the homeowners. The banks would still have received the funds anyway, only people would have some semblance of financial security.

There is not enough money earmarked for clean energy. Place solar and wind power on every rooftop in America and we will have solved a major problem with energy. Home building and renovation must include super energy efficiency standards that reduce the wasted energy most homes in America suffer from.

Install Solar Roadway instead of asphalt (http://www.solarroadways.com) and we will also reduce t he traffic issues due to snow and ice. we also will have well lit roads that also produce and distribute electricity. With electric vehicles that can get electric through induction (coils) or wireless power transmission (Tesla and MIT) There would be clean energy available for transportation with no GHG emissions at all.

Posted by Fred Marsico on 02/21/2009 @ 03:54PM PT
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