Update: This bill was signed into law on Tuesday, February 17.
Today, the U.S. House of Representatives approved the compromise version of economic stimulus legislation (American Recovery and Reinvestment Act of 2009, H.R. 1). This version was created by a House-Senate conference committee that met earlier this week to resolve differences between the different versions of the bill that had been approved by the U.S. House of Representatives and U.S. Senate.
This legislation contain investments and tax credits to support clean energy, energy efficiency, and green jobs, including:
Smart Grid/Advanced Battery Technology/Energy Efficiency
- Provides more than $30 billion for energy initiatives such as a new, smart power grid, advanced battery technology, and energy efficiency measures, which will create hundreds of thousands of jobs.
- Transforms the nation’s electricity systems through the Smart Grid Investment Program to modernize the electricity grid to make it more efficient and reliable.
- Supports U.S. development of advanced vehicle batteries and battery systems through loans and grants so that America can lead the world in transforming the way automobiles are powered.
- Helps state and local governments make investments in innovative best practices to achieve greater energy efficiency and reduce energy usage.
- Spurs energy efficiency and renewable energy.
Tax Incentives to Spur Energy Savings and Green Jobs
- Provides $20 billion in tax incentives for renewable energy and energy efficiency over the next 10 years.
- Includes a three-year extension of the production tax credit (PTC) for electricity derived from wind (through 2012) and for electricity derived from biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities (through 2013).
- Provides grants of up to 30 percent of the cost of building a new renewable energy facility to address current renewable energy credit market concerns.
- Promotes energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
- Provides a tax credit for families that purchase plug-in hybrid vehicles of up to $7,500 to spur the next generation of American cars.
- Includes clean renewable energy bonds for State and local governments.
- Establishes a new manufacturing investment tax credit for investment in advanced energy facilities, such as facilities that manufacture components for the production of renewable energy, advanced battery technology, and other innovative next-generation green technologies.
Landmark Energy Savings at Home
- Provides $5 billion for landmark provisions to improve the energy efficiency of more than 1 million modest-income homes through weatherization.
- This will save modest-income families on average $350 per year on their heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits to HUD-Assisted Housing
- Provides more than $4 billion for increasing energy efficiency in federally-supported housing programs.
- Specifically, establishes a new program to upgrade HUD-sponsored low-income housing (elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
- Also invests in energy efficiency upgrades in public housing, including new windows, furnaces, and insulation to improve living conditions for residents and lower the cost of operating these facilities.
Summary provided by U.S. House of Representatives Speaker Nanci Pelosi
For previous Green Collar Blog coverage of the economic stimulus legislation, please view these posts. The following links provide access to the complete bill text and related documents:
- Text of American Recovery and Reinvestment Act of 2009, H.R. 1 (Conference Committee Version) – Division A
- Text of American Recovery and Reinvestment Act of 2009, H.R. 1 (Conference Committee Version) – Division B
- Joint Explanatory Statement of the Conference Committee – Division A
- Joint Explanatory Statement of the Conference Committee – Division B
- Bill Summary – U.S. Senate Finance and U.S. House Ways & Means Committees
- Bill Summary – U.S. House Appropriations Committee
- Bill Summary – U.S. House Energy & Commerce Committee