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U.S. Stimulus Package Will Boost Renewable Energy - 2/23/09

Even with some of the questionable items in the economic stimulus package there will be billions pumped into “smart grid” projects and renewable energy.

There will be $11 billion for modernizing the U.S. electricity grid and developing smart grids.  Smart grids are technology that creates more efficient and less costly methods of moving electricity.

In an effort to create jobs the legislation provides $6 billion in loan guarantees for renewable energy projects which include wind and solar energy development.

Representatives from the solar industry believe this will add 67,000 jobs to their sector in 2009 and a total of 119,000 jobs over the next two years.

Recently President Obama stressed the importance of tax breaks and loan guarantees to firms that produce wind and solar energy.  He believes this investment in new technologies will drive down the renewable energy costs.

Included in the stimulus package is $6.3 billion for energy conservation and efficiency grants.  Also $5 billion is going toward weatherizing homes and $4.5 billion to increase the energy efficiency of federal buildings.

Other items include #3.4 billion for development of fossil energy; $2.5 billion for research for energy efficiency and renewable energy; $1 billion for programs including energy efficient appliances as well as trucks and buses that use alternative fuel.

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