Federal Funding for Renewable Energy Projects
Keywords: urgent quest clean energy billions in grants, loans energy solutions
Abstract:Environmental, economic, and social forces are driving an urgent quest for clean energy solutions as consumer demand for green solutions to pollution, global warming and energy security are pressuring the United States to act. The Federal government’s energy policy, program, and funding landscape has changed dramatically. Driven by comprehensive energy legislation and Presidential initiatives over the past eight years, the Federal government has established a multi-program portfolio for advancing renewable energy, and funding has increased substantially. Billions of dollars in grants and loan guarantees for developing, demonstrating, and deploying clean energy solutions are flowing to universities, state and local governments, as well as the private sector —all aimed at building a U.S. renewable energy industry and infrastructure. Now President-elect Obama promises to do even more, including investing $150 billion over ten years to advance clean energy technologies and establishing a clean technology venture capital fund. Federal funding can be accessed to support renewable energy R&D, demonstration, and commercialization projects across clean energy fields such as hydrogen, biomass, biofuels, solar, wind, alternative fuel vehicles, advanced batteries, marine and hydrokinetic energy, and clean coal. Developing a Federal funding strategy that considers the range of support available is key to success.