TriplePundit details the just-passed stimulus bill, which has $37.5 billion for cleantech and renewable energy, including $17 billion for high speed rail, as well as a multitude of tax credits.
Perhaps what’s most exciting about this bill isn’t the spending included, but the spending it will incite.
Existing tax credits for cleantech have been extended, limits have been lifted, and new credits have implemented. Also, it allows direct monetization of tax credits.
The bill even went as far as removing $50 billion in federal loan guarantees for nuclear energy.
Interesting.
I’m much less impressed. Of the $18.5 billion for renewables & conservation (Title III), $2 billion goes for research and $1 billion goes for manufacturing of advanced batteries– the rest funds already-existing programs such as weatherization, etc. Not that these are bad programs by any means– but they’re nothing new.
It also includes $3.5 billion in loans to upgrade the electrical grid. But those loans have no repayment requirement, are forgiven if not repaid, and are apparently not subject to the stringent oversight applicable to the rest of the bill’s expenditures.
I’m willing to say this moves us in a better direction than the previous administration– but it would be hard not to. According to C-Span, W ranks as the 7th worst president in our history. I think we’ve been underwhelmed for so long that any level of competence astounds us.