Pennsylvania Gets $650 Million Renewable Energy Fund
The move follows an earlier commitment by Rendell to make the state a leader in pursuing energy independence, by creating jobs in the renewable energy sector and reducing dependence on foreign oil.
Speaking about the potentially far-reaching impact of the fund, Governor Rendell said:
“This new investment fund will strategically target new resources to leverage as much as $3.5 billion in private investment and create at least 13,000 new, good-paying jobs in an industry that is sure to be to the 21st century what information technology and biosciences were to the later 20th century.”
Amongst other things, the fund will set aside $500 million that provides:
- $165 million for loans and grants to promote the development of alternative and renewable energy projects (except solar) among businesses and local governments;
- $100 million for loans, grants and rebates to cover up to 35% of the costs incurred by residential consumers and businesses when they install solar energy technology;
- $80 million in grants and loans for economic development projects in the solar industry;
- $40 million to the Ben Franklin Technology Development Authority to support early stage activities, such as incubator support services, translational and early stage research in start-up businesses that develop and implement energy efficiency technologies;
- $25 million for wind energy and geothermal projects;
- $25 million for green buildings, in the form of grants and loans for homeowners and small businesses to build energy efficient structures, or renovate an existing building to improve its energy efficiency.
The Bill also introduces a $150 million consumer energy program for individuals and small businesses to support projects that conserve energy and use it more efficiently. The program will run for eight years and includes:
- $92.5 million for homeowners and small businesses to meet a quarter of the cost of buying and installing energy conservation tools;
- $50 million in tax credits to help Pennsylvania companies develop and build alternative energy projects in the state, at a rate of up to $1 million per project per year.
Other Posts on Renewable Energy Policy:
- U.S. Could Get Ten Million Solar Roofs in Ten Years
- House Democrats Introduce National Feed-in Tariff for Renewable Energy Projects
- BLM Applying NEPA to Large Scale Solar Energy on Public Lands
- How Solar Panels Could Power 90% of US Transportation
- Senate Blocks Renewable Energy Tax Credits Bill…Again - SF to go it Alone
- Senator Attacks Solar Energy Industry
- Senate Passes Renewable Energy Tax Credits. Why Am I Not More Excited?
Image Credit - Pennsylvania Office of the Governor
HERE’S A FOLLOW-ON SUGGESTION:
Follow this with a 5% gas tax that pays rebates to purchasers of electric vehicles (based on amp-hour capacity of the vehicle).
Great movement. Hopefully more states will get on board .. just imaging the damage we could do throwing a couple billion at our energy problem to find something that works.
[...] Pennsylvania Gets $650 Million Renewable Energy Fund The prospects for renewable energy in Pennsylvania received a significant boost yesterday, when Democrat Governor Edward Rendell signed into law a Bill establishing a $650 million energy fund to support the sector. Pennsylvania Gets $650 Million Renewable Energy Fund : Red, Green, and Blue [...]
Pennsylvania Gets $650 Million Renewable Energy Fund | nerdd.net…
\r\nThe prospects for renewable energy in Pennsylvania received a significant boost yesterday, when…
Please provide the links to the applications or the tax rebate information.
does anyone know how much, if any, of the 650mm pa energy fund is available to pa townships and municipalities for projects to reduce energy consumption?
[...] moves to boost the development of solar and other renewable energy sources in the U.S. Last week, Pennsylvania launched a Bill establishing a $650 million energy fund to support the sector. Earlier in the month, the U.S. Senate introduced the 10 Million Solar Roofs Act of 2008, while the [...]
How does a homeowner apply for a grant for geothermal?
How do startup businesses apply for the grant?
No word yet on applications or even how the program will operate. You can call 171.705.5400 to get put on a notification list.