Feb 17 President Barack Obama signed into law
on Tuesday a $787 billion stimulus package to help revive the
The package includes billions of dollars in energy tax
breaks and financial incentives and billions more to support
energy infrastructure projects:
"We are taking big steps down the road to energy
independence, laying the groundwork for new green energy
economies that can create countless well-paying jobs," Obama
said in Denver, where he signed the measure.
The stimulus package:
* Provides $5 billion to help 1 million low-income families
weatherize their homes with energy savings windows, insulation
and other efficiency items. Would save the average family $350
a year in energy costs.
* Provides $4.5 billion to make government buildings more
energy efficient, saving $2 billion a year in lower energy
* Extends for three years through 2012 the tax credit for
producing electricity from wind and through 2013 for
electricity generated by biomass, geothermal, hydropower,
landfill gas and ocean currents.
* Provides $6 billion in loan guarantees for renewable
energy projects and electricity transmission projects.
* Because many wind projects cannot attract investors due
to the credit crunch, the bill provides grants of up to 30
percent of the cost of building a renewable energy facility.
* Provides $11 billion in spending and loan guarantees to
build a "smart grid" to move renewable electricity supplies and
build 3,000 miles (4,800 km) of transmission lines.
* Provides a tax credit of $2,500 to $7,500 for purchases
of plug-in hybrid vehicles, depending on size of the vehicles.
* Provides $2 billion to manufacture advanced batteries for
* Gives service station owners a tax credit for 50 percent
of the cost (capped at $50,000) for installing pumps that
dispense alternative fuels, such as gasoline made of 85 percent
* Provides $3.4 billion for fossil energy research and
* Provides $2.5 billion for energy efficiency and renewable
* Provides $300 million for state matching grants for
rebates to consumers buying higher-tier energy-efficient
(Reporting by Tom Doggett and Ayesha Rascoe; editing by Jim