US Government Economic Stimulus Package to Assist Renewable Energy and Clean Technologies

While details are still to be revealed about much of the American Recovery and Reinvestment Act also known as the Economic Stimulus plan, it is clear that clean technologies are set to reap some benefit from this plan.

Cleantech related highlights of the American Recovery and Reinvestment Act include:

• $30 billion for a new, smart power grid, advanced battery technology and energy efficiency
• $5 billion to weatherize and improve the energy efficiency of more than 1 million homes
• Tax incentives worth $20 billion for renewable energy and energy efficiency
• State and local government bonds for clean and renewable energy
• Tax credits for families buying plug in hybrid vehicles
• NASA to recieve $1 billion much of which is earmarked for climate change research
• Federally supported housing programs to get $6.3 billion for increased energy efficiency
• Production tax credit (PTC) to be extended for three years for electricity generated via sources like wind, biomass, geothermal, hydropower, landfill gas and waste-to-energy
• Grants covering up to 30 percent of the cost to build new renewable energy facilities
• $1.6 billion for the Department of Energy's Office of Science, for research funding in areas like biofuels, fusion energy and nuclear physics