Date: February 17, 2009
Source: News Room
The new stimulus bill signed into law this week by President Obama includes about $50 billion for energy programs, focused chiefly on efficiency and renewable energy, including $5 billion to weatherize modest-income homes. The new law called the American Recovery and Reinvestment Act, authorizes spending $45.2 billion on energy-related programs and nearly $20 billion in tax credits for renewable energy, efficiency and electrical transmission projects. The president said the bill would double renewable energy use in three years. In a statement prior to the signing, the White House said this would be done by spurring $100 billion in new "clean energy" projects. The law extends production tax credits for wind, biomass and other renewable energy industries, and allows investors to instead opt for investment tax credits like those afforded to solar developers. Congressional committees have also begun work on a new energy bill, which could expand federal control over electrical transmission siting and may or may not introduce a new renewable energy standard for utilities.
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