Feb 17 (Reuters) - President Barack Obama signed into law on Tuesday a $787 billion stimulus package to help revive the American economy.
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 costs.
* 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 vehicles.
* 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 ethanol.
* Provides $3.4 billion for fossil energy research and development.
* Provides $2.5 billion for energy efficiency and renewable energy research.
* Provides $300 million for state matching grants for rebates to consumers buying higher-tier energy-efficient appliances. (Reporting by Tom Doggett and Ayesha Rascoe; editing by Jim Marshall)