Nearly $50 billion could be spent on ‘green’ initiatives over the next two years under president-elect Barack Obama’s economic stimulus plan, according to a Wall Street Journal report.
That would be roughly 10% of a $500 billion package that is reportedly in the works. Congressional Democrats hope to have legislation ready for Obama to sign on Inauguration Day.
The plan is expected to include initiatives to improvement the nation’s enery infrastructure–from upgrading the electrical grid and installing "smart" meters in homes to funding renewable energy projects.
One of the most exciting possibilities is a massive expansion of the federal program to weatherize homes and federal buildings. Such a program would recognize the importance of energy conservation, as the first step in addressing growing energy demands and greenhouse gas emissions.
The program would also create thousands of new renewable energy jobs for which there would be a six-month training period.
Other possible initiatives include a multi-year extension of the production tax credit (PTC) for the wind power industry and a sweetening of incentives for the owners of solar power systems.
Loading...