$100 Billion in Stimulus for Green Programs
The Economic Stimulus bill passed last week by the House, and currently under debate in the Senate, has roughly $100 billion for green spending and tax incentives.
Here’s a breakdown of some of the key items, from CNN Money.com:
- Conservation: $28 billion
- Renewable Energy Subsidies: $28 billion
- Environmental Improvement: $14 billion
- Upgrading the Electricity Grid: $11 billion
- Mass Transit: $13 billion
Spending programs for conservation include upgrading federal buildings and low- and middle-income homes with insulation and replacing windows. Homeowners would also be eligible for a tax credits on efficiency measures up to $1,500.
Renewable Energy subsidies could include wave power, geothermal, offshore wind or innovative solar projects, as well as current forms of renewable energy, including a three-year extension of the tax break for big wind projects. “Carry-back” provisions would allow renewable energy companies to receive tax credits against past profits, which will help them in the down economy.
Other money is allocated to improving power lines, developing a smart grid, making better batteries for electric cars, improving national parks, and cleaning up industrial sites.
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