Tuesday, February 24, 2009

Stimulus Plan Seeks to Boost Wind and Solar energy

Reuters/February 23, 2009

The $787 billion (542 billion pounds) stimulus package to help revive the U.S. economy includes billions of dollars in tax breaks, financial incentives, loan guarantees and grants to boost wind and solar energy.

Specifically, the stimulus package:

* Extends the tax credit for producing electricity from wind for three years through 2012. The credit for power generated by biomass, geothermal, hydropower, landfill gas and ocean currents has been extended through 2013.

* Provides $6 billion in loan guarantees for renewable energy projects and electricity transmission projects.

* Provides grants of up to 30 percent of the cost of building a renewable energy facility.

* Provides $11 billion in spending and loan guarantees to build a "smart grid" to move renewable electricity supplies across new transmission lines.

* Provides $5.5. billion to construct, repair and make alterations on federal buildings to increase energy efficiency, including installing solar energy equipment.

* Gives consumers a tax credit equal to 30 percent of the cost of qualified solar water heating equipment.

* Provides $2.5 billion for energy efficiency and renewable energy research.

* Provides an additional $1.6 billion for new clean renewable energy bonds to finance facilities that generate electricity from renewable energy sources including solar facilities.

(Reporting by Tom Doggett; Editing by David Gregorio)

See the original article here

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