US tops $1 bln in stimulus for clean energy projects

Sep 22, 2009
Treasury Secretary Tim Geithner speaks during a roundtable discussion with executives of energy companies receiving awards under the American Recovery and Reinvestment Act in Washington, DC. The US government has spent more than one billion dollars on private sector renewable energy projects from the massive economic stimulus program passed seven months ago, officials said Tuesday.

The US government has spent more than one billion dollars on private sector renewable energy projects from the massive economic stimulus program passed seven months ago, officials said Tuesday.

At a meeting of a group of clean energy developers and manufacturers at the White House Tuesday, Treasury Secretary Timothy Geithner and Steven Chu announced 550 million dollars in new awards through the Recovery Act.

The awards for 25 projects brings the total to more than one billion dollars awarded to date "to companies committed to investing in domestic renewable energy production," the Treasury and Energy departments said in a joint statement.

The milestone spending number is a fraction of the 787-billion-dollar American Recovery and Reinvestment Act enacted on February 17, a package of tax cuts and spending aimed at pulling the world's biggest economy out of the worst recession since the .

Under the Recovery Act, the awards are made from a program that provides cash assistance to energy producers in place of a tax credit totaling 30 percent of the qualifying cost of the project -- thus spending one federal dollar for every two private dollars invested in a project.

The officials said that the federal stimulus spending in green energy was attracting billions of dollars of additional capital towards projects in the US.

Chu said the investments were crucial to ensuring the United States can compete and win in the race for the clean energy jobs of the future.

"With American workers and American innovation, we can and must lead the world when it comes to the new Industrial Revolution in ," he said.

The first round of the awards, totaling 502 million dollars, was announced on September 1.

(c) 2009 AFP

Explore further: Qi wireless charging standard offers more design freedom

add to favorites email to friend print save as pdf

Related Stories

Canada awards $1.1M for energy projects

Nov 21, 2007

The Canadian government is investing in solar energy, awarding $1.1 million for projects promoting photovoltaic and solar thermal power technologies.

German firms join for solar-thermal push in the U.S.

Aug 18, 2009

German firms Solar Millennium AG and MAN Ferrostaal AG on Monday said they formed a joint venture to build up to three utility-scale plants in Southern California at a cost about $1 billion each.

Obama puts up $2.4 bln for electric vehicles

Mar 19, 2009

President Barack Obama Thursday unveiled a 2.4 billion dollar boost for electric vehicle development, vowing to compete with foreign nations in the race to be world leader on renewable energy.

China joins U.S. FutureGen project

Dec 16, 2006

China has joined the United States in the FutureGen International Partnership, a plan to develop clean-burning coal, the U.S. Department of Energy said Friday.

Bush administration cuts energy plans

May 31, 2006

Conservationists are reportedly upset by a Bush administration plan to reduce the budgets of several energy-efficiency research programs.

Recommended for you

Qi wireless charging standard offers more design freedom

10 hours ago

Wireless charging is getting a new technology treatment which offers more design freedom. The Wireless Power Consortium's advance in its Qi wireless charging standard means that phones and chargers will no ...

'Wetting' a battery's appetite for renewable energy storage

15 hours ago

Sun, wind and other renewable energy sources could make up a larger portion of the electricity America consumes if better batteries could be built to store the intermittent energy for cloudy, windless days. Now a new material ...

New system to optimize public lighting power consumption

15 hours ago

In order to meet the efficiency requirements of the latest public lighting regulations, researchers from the School of Industrial Engineers of Universidad Politécnica de Madrid (UPM), in collaboration with ...

Many tongues, one voice, one common ambition

Jul 31, 2014

There is much need to develop energy efficient solutions for residential buildings in Europe. The EU-funded project, MeeFS, due to be completed by the end of 2015, is developing an innovative multifunctional and energy efficient ...

Panasonic, Tesla to build big US battery plant

Jul 31, 2014

(AP)—American electric car maker Tesla Motors Inc. is teaming up with Japanese electronics company Panasonic Corp. to build a battery manufacturing plant in the U.S. expected to create 6,500 jobs.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

GrayMouser
not rated yet Sep 22, 2009
Gee whiz, the AGW crowd claim a Anti-AGW researcher is 'bought' if they get $10K. When the AGW crowd get $1B in 7 months what do you call it?
EarthlingX
Sep 26, 2009
This comment has been removed by a moderator.