By: AJ McCreary PICurrent Assistant Producer
The state of the economy is no new news, but the recent signing of the stimulus package, is not only exciting, but promising. The package addresses a variety of issues from jobs, and foreclosures to renewable energy and green jobs.
Of the $787 billion allotted for the stimulus package, $71 billion is for energy and environmental initiatives and another $20 billion for green tax incentives. A break down of that money is:
- $5 billion for low-income weatherization programs
- $6 billion in grants for state and local governments to modernize federal buildings, with a particular emphasis on energy efficiency.
- $11 billion for “smart grid” investments.
- $3.4 billion for carbon capture and sequestration demonstration projects (otherwise known as “clean coal”)
- $2 billion for research into batteries for electric cars.
- $500 million to help workers train for “green jobs.
- A three-year extension of the “production tax credit” for wind energy (including a tax credit extension for biomass, geothermal, landfill gas and some hydropower projects).
- As well as the option for developers, to turn their tax credits into direct cash, with the government underwriting 30 percent of a project’s cost.
This sounds like a bunch of big numbers, but it is going to have a big impact on the American people! What this is essentially going to do:
- Create 3.5 million more jobs across America
- Supports green and sustainable energy: low income programs, investing in new technology, as well as grants for business.
- Create new tax credits; expect rebates similar to the ones we saw in 2007.
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