The Alternative Energy industries have a lot to rejoice, now that President Barack Obama has signed the stimulus bill to its advantage on February 17, 2009. The stimulus package is of $787 billion is mainly focused on green jobs creation – ones that cannot be outsourced.
The bill was signed after a tour of the Denver Museum of Nature and Science that utilized solar panels attached to its roof for power generation. Blake Jones, the head of Namaste Solar Electric – a company based in Colorado that has installed solar panels for various high profile clients including the Governor of Colorado; had the privilege of introducing the president.
The president said that the investment is said to double the total generation of renewable energy in the three succeeding years. Some of the highly appealing provisions in the package include $11 billion to invest in “smart grid” projects. For carbon capture and clean coal projects, an additional $3.4 billion has been sanctioned. In order to overhaul federal buildings, several billion dollars have been allowed and a grant of $6 billion has also been provided to local and state Governments.
Alternative Energy Buzzwords:
Solar, Renewable, Wind, Nuclear
After the recession ends the plunged oil prices will rise again. This has fetched the gravest of renewable energy and climate action opponents the two way table, if they get expanded drilling rights. Experts suggest that the impacts on job generation will be very high. Each investment of $1 million would generate somewhere around 18 jobs. A $500 million has been especially dedicated towards helping workers train for ‘Green Jobs’.
Gamesa – a Spanish wind company is said to bring more than 1000 jobs to factories located at its headquarters in Philadelphia and other parts of Pennsylvania. Such companies will be benefited as the stimulus package has extended the production tax credit for wind energy for a period of three years. Washington has taken the right steps towards the green economy. The prices of fossil fuels will soon be raised so that the industry will be steered towards other eco friendly alternatives.
Many developers will now have the option of turning tax credits into direct cash with the government underwriting the cost of the project up up till 30 percent. The investments in infrastructure like building lines of transmission needed to bring power from huge power plants in the desert or prairies of North Dakota and other energy development and research programs that have shriveled up; due to declining funding will also get a boost. The advocators of the stimulus bill reckon that all such efforts will lead American companies to overshadow their rivals in the overseas market.
Skeptics reckon that President Obama was keen on the bill as he needed to raise America’s reputation across the world, in addition to bringing India and China on board. They doubt if the stimulus package will have the said effect or not.
However, most agree that the package needs to encourage private sector investment in the presently prevailing poor conditions. It should not just be limited to mere piecemeal funding but should actually generate effects that it is said to generate.
