Abengoa and Abound Solar get $2Billion Solar Stimulus Money
During his weekly address on Saturday, July 2nd, President Obama announced a two billion dollar stimulus package to fund the creation of new solar energy power plants. This stimulus will be funded by the Recovery Act and will be paid to two solar companies: Abengoa Solar, which plans to build a solar plant in Arizona, and Abound Solar, which is building plants in Indiana and Colorado.
The Obama administration asserts that the stimulus funds will benefit the nation in three ways. Firstly, according to the administration's stimulus-tracking website, recovery.gov, approximately 3,600 construction jobs and 1,585 permanent jobs will be created. This will help to reduce the national unemployment rate, which is currently 9.5%. Secondly, the creation of more solar energy power plants will increase the use of renewable energy resources while decreasing the country's dependence on foreign oil.
While many Republicans have objected to the growing amount of money distributed by the Recovery Act, Obama asserts that this stimulus money will ultimately help the economy by creating more American jobs in an industry that cannot be outsourced.