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Friday, January 16, 2009

House of Representatives Energy Stimulus Package

The $825 billion fiscal recovery package, American Recovery and Reinvestment Act of 2009 (ARRA), includes $54 billion in incentives for renewable energy and energy efficiency. ARRA includes:
  • $22 billion for investment in smart-grid technologies
  • $8 billion in loan guarantees for renewable energy and transmission
  • $7 billion for energy efficiency help to state and local governments
  • $7 billion for retrofits to federal buildings
  • $6 billion for home weatherization, targeted at low-income families
  • $2 billion for carbon sequestration
  • $2 billion for loans guarantees and grants to automobile battery-makers
  • Several other provisions for efficiency and electric or alternative-fuel vehicles
ARRA contains $550 billion in spending and $275 billion in tax cuts, including huge increases in federal spending on education, aid to states for Medicaid costs, temporary increases in unemployment benefits, a vast array of public works projects to create jobs and an income tax cut for most Americans earning less than $200,000 a year. The Senate also approved release the second half of the Treasury’s $700 billion financial bailout fund. (The New York Times, 1/15/09)

ARRA Summary

ARRA Full Text

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