What the Economic Stimulus Bill Means for Renewables

John Jimison, counsel to the The U.S. House Energy and Commerce Committee and energy advisor to Committee Chairman Henry Waxman (D-Cal), told a renewable energy industry group today that the economic stimulus bill includes over $60 billion for renewables and energy efficiency projects.

Jimison, whose remarks were made as part of an on-going American Bar Association and American Council on Renewable Energy-related program about renewables, said the bill provides funding for $42 billion in energy infrastructure and research and $20 billion in tax credits. He noted that the stimulus legislation also contains other funding -- not included in those numbers -- that will be distributed to the states for spending on energy-related matters.

Looking ahead, Mr. Jimison said that the Energy and Commerce Committee is currently working on legislation involving the establishment of a national renewable portfolio standard (RPS) (which has been approved by the House several times only to die in the Senate) as well as addressing climate change. With respect to a RPS, he said, "This would create a huge incentive for utilities to generate more renewable energy."

He predicted that some type of climate change-related legislation will be passed and signed into law before December when the world's governments will assemble in Copenhagen for the UN Climate Change Conference to discuss the next chapter in the process started at Kyoto.