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Federal Dollars Will Fuel Investment into Renewables

Federal Dollars Will Fuel Investment into Renewables

DOE aims to get the money out quickly.

A significant chunk of federal dollars will flow to developers of renewable energy technologies and other energy-related technologies as a result of the American Recovery and Reinvestment Act of 2009, which was passed earlier this year. Obama administration figures peg $43 billion in spending and $22 billion in tax relief to energy-related issues. While there exists a fair amount of detail about what to do with the money and a timeline in which to do it, what remains less clear is the "how" of the equation, says Ted Murphy, a partner in the energy practice for law firm Hunton & Williams. Interested parties are awaiting guidance in a number of areas. That said, among the spending programs likely to interest manufacturers are:

Ted Murphy

Department of Energy Loan Guarantee Program -- ARRA provides approximately $6 billion to this program, which is expected to support some $60 billion in new loans. This program is aimed at investments in commercially available renewable energy technologies, such as existing wind and solar technologies. Murphy points out that the DOE has set aggressive goals to start making loan guarantees and has stated a desire to have monies available by July.

Office of Energy Efficiency and Renewable Energy Appropriations -- ARRA provided this DOE office with $16.8 billion for a variety of programs. Among those dollars are $2 billion for loans and grants for manufacturing of advanced vehicle batteries and $3.5 billion for renewable energy and efficiency demonstration programs.

DOE Office of Fossil Energy -- This DOE office receives $3.4 billion, including $1.5 billion for industrial carbon capture.

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