• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 1 hour Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 3 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 35 mins Tesla Launches Faster Third Generation Supercharger
  • 1 hour Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 3 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours EU has already lost the Trump vs. EU Trade War
  • 8 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 10 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 3 hours China's Renewables Boom Hits the Wall
  • 7 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 11 hours Iran's Master Plan?
  • 7 hours Trump On Farage's Radio Show ... #eggcarton

Breaking News:

Oil Rebounds On Surprise Crude Draw

Alt Text

Renewable Energy's Inconvenient Truth

While the renewable energy push…

Alt Text

Another Energy Tech Breakthrough Involving Jellyfish

The desperate search for clean…

Alt Text

Five Energy Innovations To Transform The World

New technology has changed every…

Gloria Gonzalez

Gloria Gonzalez

Gloria is a writer for Environmental Finance.Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance, investment…

More Info

Premium Content

Recovery Act Puts US on Track to Meet Renewables Targets

Thanks to the stimulus package, the US is on track to meet President Barack Obama’s goal of doubling renewable energy generation and capacity by 2012.

More than $23 billion from the American Recovery and Reinvestment Act, more commonly known as the Recovery Act or economic stimulus package, is devoted toward renewable energy investments. The plan is to double capacity from the 28.8GW of solar, wind and geothermal generation installed in the US as of 2008 to 57.6GW by the end of 2011, which would produce enough capacity to power 16.7 million homes, according to a report from the office of the Vice-President Joe Biden on Recovery Act investments released this week.

Achieving this goal would have been impossible without the Recovery Act funds because it means installing as much renewable energy capacity in the next three years as the US did over the previous 30 years, according to the report. The Section 1603 Treasury grant programme has been a major factor, awarding more than $5.2 billion to renewable energy projects as of press time.

The US is also on pace to double manufacturing capacity from an annual output of 6GW of renewable equipment such as wind turbines and solar panels, to 12GW by the end of 2011, partly because of the Section 48c programme that provided $2.3 billion in tax credits to 183 clean energy manufacturing projects.

Partly thanks to the Recovery Act funds, the US is on track to cut the cost of solar power in half by 2015, according to the report. The cost of power from utility-scale solar projects will drop from $0.13 per kWh today to $0.06 in 2015, which is equivalent to the cost of wholesale utility power. The cost of power from rooftop solar panels will drop from $0.21 per kWh in 2009 to $0.10 per kWh in 2015, which is equivalent to typical household electricity rates. Prices could drop as low as $0.06 per kWh by 2030, saving the average household more than $400 per year.

The US is also on course to cut the cost of batteries for electric vehicles by 70% between 2009 and 2015, which will make the cars more affordable and cost competitive with non-electric vehicles, according to the report.

In 2009, the US had two factories manufacturing batteries to power electric vehicles and produced less than 2% of the world’s advanced vehicle batteries. But with Recovery Act investments of more than $2 billion, 30 factories with the capacity to produce an estimated 20% of the world’s advanced vehicle batteries will be located in the US by 2012.

By. Gloria Gonzalez

Source: Environmental-Finance




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Anonymous on August 27 2010 said:
    And no mention of domestic mining of the rare earth's necessary to make this dream come true, given export restrictions of rare earth's from China. No domestic rare earth mining, no electric vehicle manufacturing, whatever technology is adopted.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play