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2009 Energy efficiency and Renewable energy research investment

The 2009 energy eficency and renewable energy research investment, as a part of the 2009 stimulus package it increased federal funds in renewable energy. The package included $50 billion in spending and $20 billion in tax provision . The research within the investment also increased as a result $8.8 billion went into to renewable energy research. the investment also included a boost for green buildings. Federal buildings recieved $4.5 billion in renovations; public housing, $4 billion. An additional $250 million was made out to energy effciet affordable housing, in part by installing insulation .

Wind energy received a large increase from federal funding.

Background

During his 2008 presidential campaign President Obama stated to help and invest federal money into the green energy industry in the United states. President Obama stated that the plan would put 460,000 Americans to work on renewable energy projects and double the amount of renewable energy produced over the next three years . The plan provided funds to 2 million homes by improving things such as insulation problems. The government pledged to use federal funds improve the efficiency of 75 percent of federal buildings.

Improvements to Renewable Energy Programs

Wind farm developers had extended tax credits for every kilowatt-hour of electricity they produce. Until now, the credit expired every year and investors were hesitant to put money into projects that could lose their favored tax status in a matter of months. That credit was extended for up to three years. Solar energy developers were also pleased about proposed statements in the stimulus package that would change the current system of tax credits for investing in alternative energy project. Since the recession has begun effect the economy, many banks didn't have enough revenue and tax bills and weren't very interested in partnering to get tax credits. So the money to invest in alternative energy decreased significantly. In the stimulus package it shifted federal money directly to developers, in addition to keeping the original tax breaks for the renewable energy programs in America.

Green Buildings

Green building developers have to now get permits and rights-of-way to build lines across private property. The stimulus package doesn't address one big obstacle for green energy buildings: the comparatively cheap cost of burning coal to make electricity. Renewable energy advocates are trying to persuade Congress to put a carbon price on carbon-heavy fossil fuels that contribute to global warming

Increased Job Market

President Obama made a plan that put 460,000 Americans to work on energy projects and double the amount of alternative energy produced over the next three years. The number of green energy jobs increased substantially. In the short term, the plan would provide funds to improve 2 million homes by improving things such as insulation and leaky windows. The government also would hire additional workers to improve the efficiency of 75 percent of federal buildings.

External links

http://www.usnews.com/news/energy/articles/2009/03/06/what-the-stimulus-package-does-for-renewable-energy