U.S to Build 16 Gigawatts of Renewable Energy from Recovery Act Funds
Remaining money from ARRA $90 billion renewable energy financing to soon be available
Last year, the clean energy industry received a huge financing boost from the passage of the American Recovery and Reinvestment Act. The bill allocated $90 billion in financing for clean energy in both direct spending and tax incentives for renewable energy generation and energy efficiency initiatives. Two-thirds of this financing is still unspent, but recent improvements to the approval process employed by the Department of Energy Efficiency and Renewable Energy will soon make the remaining financing available. The remaining financing is expected to be used to build 16,000 megawatts of wind, solar, geothermal and other renewable energy projects, enough power to permanently remove close to 5 million homes from the present fossil fuel energy grid, leading to a less expensive and healthier energy future for America.