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.
