I was reading the Economic Stimulus Package Details to see what sort of “stimulus” will the energy sector will get.
Let me pick out a few.
Note: All figures are in millions of dollars ($mil)
Energy Related Items in Economic package
- Home Weatherization Grants to low and Middle-Income Families $5,000
- Funding for Energy Star Program offering tax credits to consumer purchasing new, efficient appliances $300
- Advanced Batteries manufacturing grants $2,000
- Energy efficiency grants to states and local governments $6,300
- Funding for states and local governments to buy efficient alternative fuel buses and trucks $300
- Research and development of renewable and efficient energy technology $2,500
- Loan guarantees for standard renewables $4,000
- Fossil energy research and development $1,000
- Grants for industrial carbon capture and energy efficiency improvement projects $1,520
- Grants for identifying sites to store carbon dioxide emissions $50
- Grants for training and research on safe storage of carbon emission $20
- Physics research including high-energy physics, nuclear physics and fusion energy sciences $1,600
- High-risk research into energy sources and energy efficiency $400
Most people would probably like #1 and #2 because these two have a direct benefit on consumers. Now check out these generous Tax Cuts.
Energy Tax Cuts
- Extending by three years the placed-in-service date for renewable energy investments $13,143
- Investment credits in lieu of production credits for renewable energy purchases $285
- Removal of cap on tax credits for purchase of small wind systems $604
- $1.6 billion extra allocation of clean energy bonds $578
- $2.4 billion extra qualified energy conservation bonds $803
- 30% cap on tax credit for energy efficiency purchases by homeowners, up to $1500 per residence $2,034
- Credit for purchase of residential solar, geothermal, wind and fuel cells $268
- 50% tax credit for purchase of alternative refueling stations $54
- Tax credit for plug-in electric vehicle conversion $2,002
- Equalization of parking and transit tax-free employer benefits at $230 for 2009
It’s nice to read the Economic Stimulus Package in Detail. There’s a few items for farming, health sector, transportation, and tohers.