Several key elements of the Pickens Plan are playing an important role in the American Recovery and Reinvestment Act (which we all know as the Stimulus Bill). These elements contribute to President Obama’s goals to create new jobs, advance clean energy and lessen our dependence upon foreign oil.
Key elements found in the House version of the Stimulus include:
• $32 billion to transform the nation’s energy transmission, distribution, and production systems by allowing for a smarter and better grid and focusing investment in renewable technology.
• $16 billion to repair public housing and make key energy efficiency retrofits.
• $6 billion to weatherize modest-income homes.
• Tax incentives for the instillation of natural gas vehicle home fueling systems and the building of an alternative fuels fueling infrastructure.
• On the wind side of the Plan, there’s an $80 Billion loan guarantee program for renewables, a three year extension of the Production Tax Credit (PTC) and an elective 30% Investment Tax Credit (ITC) alternative (House and Senate versions); the ITC for manufacturers in the renewable energy supply chain (Senate only); and lifting of caps on small wind benefits (House and Senate versions). Additionally there are provisions allowing renewable generators to elect a 30% ITC and then to receive a cash grant from the Department of Energy for the value of the ITC (House only).
T. Boone Pickens’ vision and proactive energy Plan have played a significant role in the Stimulus Bill—this important piece of legislation is just the beginning of what will be a successful effort to enact the Pickens Plan.
Looking ahead, we’ll be addressing other elements of the Plan in upcoming major legislation on energy and transportation.