EERE Network News
February 18, 2009
News and Events
The DOE Office of Energy Efficiency and Renewable Energy (EERE) will receive a nearly ten-fold increase in funding through the American Recovery and Reinvestment Act of 2009, which President Barack Obama signed on February 17. Most of the added funds will support state and local clean energy projects.
The American Recovery and Reinvestment Act of 2009 provides enough funding to guarantee $60 billion in loans for renewable energy and electric transmission projects, and it also provides funding for smart grid initiatives and loans for federal transmission system expansions in the West.
The U.S. General Services Administration (GSA) will receive $4.5 billion under the American Recovery and Reinvestment Act of 2009 to convert existing federal buildings into high-performance green buildings. The GSA will also garner $300 million to purchase greener vehicles for federal fleets.
The American Recovery and Reinvestment Act of 2009 provides $8 billion to support high-speed rail corridors and intercity passenger rail service. The act also provides nearly $10 billion for transit systems in general.
The American Recovery and Reinvestment Act of 2009 provides a three-year extension of the production tax credit for most renewable energy facilities, while allowing alternate methods to take advantage of that incentive. The act also expands business tax credits for renewable energy.
Homeowners can now earn greater tax credits for installing energy efficiency and renewable energy measures, and both individuals and businesses can earn credits by buying electric vehicles or installing refueling or recharging stations. A new tax credit is also available for the manufacturers of these items.
The American Recovery and Reinvestment Act of 2009 doubles the amount of Clean Renewable Energy Bonds and triples the amount of qualified energy conservation bonds that can be allocated by the U.S. Internal Revenue Service. The bonds can provide financing for a variety of clean energy projects.