The new economic stimulus proposal that has been approved by Congress includes roughly $35.2 billion for energy initiatives, according to summary documents seen by TechCrunch.
“This is probably the biggest energy bill we’ve seen in a decade,” said policy analyst Dr. Leah Stokes, an Assistant Professor at the Bren School of Environmental Science & Management at the University of California, Santa Barbara.
The spending is split between the Energy Act of 2020 and the Energy for the Environment Act, and both include new money for big technology initiatives.
“[The Energy Act of 2020] is a bipartisan, bicameral energy innovation package that authorizes over $35 billion in RD&D activities across DOE’s portfolio and strengthens or creates programs crucial to advancing new technologies into the market,” a summary document for the legislation reads.
Included in the spending package is over $4.1 billion for new technology initiatives.
The biggest winners are photovoltaics, new transportation technologies, and energy efficiency technologies.
There’s a $1.5 billion for new solar technologies including modules, concentrating solar technology, new photovoltaic technologies and initiatives to expand solar manufacturing and recycling technologies. And $2.6 billion set aside for transportation technologies. Finally, energy efficiency and weatherization programs are continuing to be supported through a $1.7 billion reauthorization of the Weatherization Assistance Program.
Energy grid technologies get a $3.44 billion boost through $1.08 billion in support for short-term, long-term, seasonal and transportation energy storage technologies and $2.36 billion for smart utility and energy distribution technologies.
Another $625 million is dedicated to new research, development and commercialization for both onshore and offshore wind technologies. While $850 million is being set aside for geothermal technology development and $933 million for marine energy and hydropower tech. finally, there’s $160 million earmarked for hydropower generator upgrades, and upgrades to existing federal infrastructure through $180 million earmarked to the Federal Energy Management Program.
In an attempt to ensure that the money and innovation is used in the industries where decarbonization is the most technically challenging, there’s a $500 million pot for stakeholders in industries like iron, steel, aluminum, cement and chemicals as well as transportation businesses like shipping, avaiation, and long-distance transport that are looking to decarbonize.
By making these critical investments…
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