Solar power is moving at a rapid pace with the help of Obama’s 787 billion dollar stimulus plan. 42 billion will be used to develop clean energy sources. The president aims to double the United State’s production of renewable energy in three years. In terms of the nations, RPS (renewable portfolio standard), 10 % of our energy will come from renewable sources by 2012. This output will increase to 25% by the year 2025. Additionally this money is intended to upgrade more than three fourths of all federal buildings to more eco-friendly energy systems. 5.5 billion will go towards this particular initiative.
Funding for various projects will be available through loan guarantees. Examples include renewable energy and electricity transmission projects at 6 billion dollars. Also the infrastructure for a smart grid (network based on digital technology to deliver electricity to consumers) will receive funding in the form of loan guarantees and spending.
Grants will be available to subsidize a percent of the cost for building or installing clean energy systems 30% of the cost of building a renewable energy facility will be covered through these grants. Homeowners will be entitled to a similar benefit, as they will also receive 30% for buying water heating systems that are solar powered.
Continued research on renewable energy will receive 2.5 billion dollars from the stimulus plan.
1.6 billion dollars is allocated for bonds that will support facilities which generate electricity from renewable sources like solar power. Also allowing tax credits for converting clean energy sources into electricity will be extended to 2013.
In addition to environmental benefits, these measures will address the unemployment crisis through growth of stable job opportunities in the green industry, as the demand for labor will increase for building new infrastructures. If there was ever a time to go solar now would be the best time. President Obama is deeply passionate about our current energy crisis and ensuring that a huge portion of our energy is generated through solar.
Tags: alternative energy, Obama's stimulus plan, renewable energy news, solar electric, solar energy, solar enery news, Solar News, stimulus energy plan, world solar news
If this much attention was given to alternative energy before we probably wouldn’t be in the “crisis” we are in right now. Same thing about the electric car, there was absolutely no support for the electric car back in the day, in fact government sided with auto makers and fuel companies to kill the electric car projects all together. Now we’re in an energy crisis. Give me a break.
It’s good to see how much is going towards supporting alternative energy now but why do we always have to wait until things become a “crisis” to want to do something about it?!?
Interesting article. It’s good to know that the government is highly supportive of renewable energy initiatives, especially with regard to solar energy. Allocating money towards these programs will certainly help this industry grow and, best of all, create jobs to help combat this struggling economy. This is clearly a win-win situation where homeowners and business owners can save money and at the same time save the environment.
The president may be a bit over extending to please the GOP while the GOP leadership seems hell bent on making him a one-term prsident. I wish he shows some aggressive stance in pushing his agenda and not come across as a softy but not become an extreme leftwing.