Obama unveils "Smart Energy" plan for green energy, jobs. Fact sheet

The Obama Administration is investing $3.4 billion through the American Recovery and Reinvestment Act, to help fund the largest single energy grid modernization in U.S. history. One-hundred private companies, utilities, manufacturers, cities and other partners will receive grant awards tomorrow ranging from about $400,000 to $200 million to help build a nationwide smart energy grid that will cut costs for consumers, make the grid stronger and more reliable, and increase accessibility to clean, low-cost renewable energy sources for American homes and businesses. An analysis by the Electric Power Research Institute estimates that implementation of smart grid technologies could reduce electricity use by more than 4 percent by 2030, saving $20.4 billion for businesses and consumers across the country.

The awards are part of the Administration’s over $100 billion investment through the Recovery Act in innovation, technology and laying a new foundation to keep America competitive in the 21st century. They are not only expected to create tens of thousands of jobs during these challenging economic times, but help build a lasting infrastructure that will be the foundation of the growing American renewable energy industry. Because of this investment in a smart energy grid, the U.S. will be better able to harness the abundance of sunlight in the West and wind in the Midwest to power communities across the country – including many that do not have the capacity to generate these low-cost energy sources on their own. The awards will also fund more widespread installation of smart meters in homes and businesses, empowering consumers to carefully monitor and control their own energy use and creating new high-tech manufacturing opportunities for American companies. And before a single dollar is disbursed, the program has already helped bring private sector capital from the sidelines, with the winning applicants securing $4.7 billion in private investment to match their awards, multiplying the overall economic impact.

Chicago Sun-Times