Of the 787 billion spent on the stimulus package 38 billion along with 20 billion in tax incentives is going into energy. Here is a brief list of how that will be spent:
A three-year extension to the tax credit for wind
$4.5 billion in direct spending to modernize the electricity grid with smart-grid technologies.
$6.3 billion in state energy-efficient and clean-energy grants and $4.5 billion to make federal buildings more energy efficient.
$6 billion in loan guarantees for renewable energy systems, biofuel projects, and electric-power transmission facilities.
$2 billion in loans to manufacture advanced batteries and components for applications such as plug-in electric cars.
$5 billion to weatherize homes of up to 1 million low-income people.
$3.4 billion to the Department of Energy for fossil energy R and D, such as storing carbon dioxide underground at coal power plants.A tax credit of between $2,500 and $5,000 for purchase of plug-in electric vehicles
It will now be interesting to see how this money is actually distributed. It seems that a lot of it while under the guise of "clean energy" will just go to propping up large companies. For example the 2 billion to manufacture batteries will no doubt just go into Detroit's pocket books. Hopefully this will all get enacted as written but as has been proven time and time again writing the legislation is the easy part, lets hope it gets enacted.
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