The American Recovery and Reinvestment Act of 2009 was signed into law by President Obama to stimulate the US economy. $60 billion was designated for green projects. Most will go directly towards the green building industry with some additional monies going towards large scale renewable energy production.
The breakdown of the major areas is as follows:
* $300 million for the Energy Efficient Appliance Rebate program and the ENERGY STAR program
* $6.3 billion from the US Department of Energy for energy-efficiency grant programs, including $3.2 billion for the Energy Efficiency and Conservation Block Grants and $3.1 billion for the State Energy Program
* $4.5 billion for greening federal buildings
* $5 billion for the Weatherization Assistance Program
* $4.5 billion for Electricity Delivery and Energy Reliability to modernize and improve the electricity grid
Commercial improvements
The commercial building industry will also see a large sum of money coming their way. This includes $3.2 billion for Energy Efficiency and Conservation Block Grants, which can be applied for by counties, cities and even Indian tribes to develop and implement projects to improve energy efficiency and reduce energy use and fossil fuel emissions in their communities. The $3.1 billion for the State Energy Program will be sent directly to State energy offices to be used for similar purposes at the state level. The $4.5 billion allocated to greening Federal Government buildings will be focused on improving energy efficiency of all General Service Administration buildings.
Residential improvements
The stimulus bill has expanded existing tax credits and created new ones that cover a variety of upgrades to make your home more energy efficient. New doors, windows, insulation, boilers, air conditioners, and furnaces all qualify for a 30% tax credit that is capped at $1,500. In addition, renewable energy production that homeowners employ also qualifies for a 30% tax credit, but with no cap. Geothermal heat pumps, solar water heaters, wind energy production and solar panels are all included in this group. The $300 million for Energy Efficient Appliance Rebate program and ENERGY STAR program will go towards home appliances that have been certified efficient by ENERGY STAR.
For more detailed information please visit www.recovery.gov