As youth living in our nation’s capitol, DCYEA members have the opportunity to truly stay in tune to how national legislation impacts the greater country. With this in mind, let’s consider the enormous stimulus package that was agreed on by both houses of Congress three weeks ago. In effect, it could be the most impactful environmental legislation ever passed.
The bill authorizes billions to be spent on creating a new green economy, including $18.5 billion for renewable energy programs. In the past, the federal government offered a tax incentive per kilowatt hour of renewable energy produced (by wind/solar farms, biodiesel plants, etc), but now the stimulus enables the Department of Energy to offer grants to renewable energy start-ups of up to 30% of the project’s cost. This funding is an INCREDIBLE incentive to start green energy programs immediately.
A pessimist might say that despite this new federal grant incentive, entrepreneurs will have an impossible time finding investors in our troubled economy. Never fear, because the federal government also authorized $8 billion for loan guarantees in energy efficiency/ green energy projects, so venture capitalists and other investors shouldn’t be overly shy about the green energy industry.
Finally, the stimulus includes $17.4 billion for “other” energy spending, which includes $11 billion for modernizing the electric grid. Though this isn’t nearly enough for an entirely new grid, it is a good first step for national energy efficiency.
DCYEA has an important job in making sure our national reps are held accountable for their decisions. With the stimulus, I think we can safely say that they did a good job.
Mike Durante is a student at Georgetown University.
