Gov. Edward G. Rendell, D-Pa., has signed into law a new fund that will save families and small businesses money on their energy bills by supporting investments in renewable energy and energy conservation and efficiency.
In addition to supporting energy conservation, efficiency measures and financial assistance, Rendell outlined new strategic investments made possible under the fund that will spur billions of dollars in new, private economic development projects from alternative energy companies and early stage businesses.
‘Pennsylvania has established itself as leader in developing and deploying clean renewable energy resources,’ says Rendell, citing some of the leading businesses that now call Pennsylvania home, like Conergy, Gamesa and Iberdrola. ‘However, the $1 billion in private investment that has flowed into Pennsylvania, and the 3,000 jobs we've created in the renewable energy industry only begin to scratch the surface of our potential.’
Included among the new $650 million fund is:
– $165 million for loans and grants to spur the development of alternative and renewable energy projects (except solar) among businesses and local governments,
– $25 million for wind energy and geothermal projects,
– $25 million for pollution control technology to help energy generators meet state and federal standards, and
– $50 million in tax credits of up to $1 million a year per project for developing and building alternative energy projects, which will help Pennsylvania companies invest and grow in the state.
SOURCE: Pennsylvania Office of the Governor