February 6, 2009
$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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Reader Comments
I would like to know how low income and even moderate income would be elgible for tax rebates, they are on the low end of the tax system and would not pay any in the first place.
wirechief | February 7th, 2009
In addition to these items, the Economic Stimulus bill also includes $300 million for retrofitting heavy duty diesel vehicles. Independent research has found diesel retrofits to be one of the most cost-effective ways to reduce particulate matter emissions and improve air quality. Doing so can reduce emissions between 25 – 90%.
Since most retrofits do not improve fuel economy, it is tough for vehicle and equipment owners to justify the investment for the public good of cleaner air (particularly in this economy). By providing funds to help offset the cost, municipalities, contractors and other fleet owners can protect their investments, reduce their emissions and help counties meet EPA air quality standards.
Dawn | February 9th, 2009