Barack Obama Campaign Promise: Invest in all types of alternative energy

[Political Tiger]

"We'll invest in research and development of every form of alternative energy - solar, wind, biofuels."



Stimulus provides money for alternative energy research

The American Recovery and Reinvestment Act, better known as the $789 billion economic stimulus package, has a lot for alternative energy. At the bill signing on Feb. 17, Obama boasted it "will double the amount of renewable energy produced over the next three years." Of chief interest to most alternative energy companies are measures to create a Clean Energy Finance Authority to provide loan guarantees and other financial support to relieve the credit crunch that has squeezed the industry. In addition, the plan includes renewable tax credits. Together, the White House expects the plan to lead to nearly $100 billion in clean energy projects.

While significant, those programs don't address Obama's promise to increase federal funding for research into alternative energy like solar, wind and biofuels.

But there's money in the stimulus for that as well.

In a section of the stimulus plan for the Energy Department's Office of Energy Efficiency and Renewable Energy, there is $2.5 billion for "applied research, development, demonstration and deployment activities" that alternative energy companies will be able to tap into. Of that, the bill earmarks $800 million for biomass projects, $400 million for geothermal projects and another $50 million for research to improve information and communications technology. But that leaves $1.25 billion for such things as solar and wind research.

In addition, said Monique Hanis of the Solar Energy Industries Association, the tax portion of the stimulus package includes some provisions that will allow corporations to offset the cost of research and development.

"It's a great bill for renewable energy, it really is," said Gregory Wetstone of the American Wind Energy Association.

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http://www.politifact.com/truth-o-meter/promises/promise/458/invest-in-all-types-of-alternative-energy/

[Cha]

1. Thanks for this PT..so much going on

that it's an important reminder of what is actually happening in our world of new alternative energy and research.

[CTLawGuy]

2. but drill baby drill is his energy policy

I heard it on the DU :crazy: :crazy: