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Secretary Bodman Announces $2 Billion Federal Loan Guarantee Program

August 10, 2006 | 5 Comments

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Baltimore, Maryland [RenewableEnergyAccess.com] As part of the first anniversary of the Energy Policy Act of 2005, U.S. Department of Energy (DOE) Secretary Samuel W. Bodman unveiled DOE program guidelines for $2 billion in loan guarantees to encourage investment in projects that use new energy technologies. "We hope to spur investment in new renewable energy projects like solar and wind, as well as clean coal technologies and efforts that can convert cellulosic biomass into ethanol," he said.

"By diversifying our energy mix, we strengthen our nation's energy security, reduce our reliance on foreign oil, and provide employment for America's farmers and biorefiners."

-- Secretary Samuel W. Bodman, U.S. Department of Energy

"With these loan guarantees we hope to encourage creativity and ingenuity that will help us strengthen our nation's energy security," said Secretary Bodman in Baltimore while joining Maryland Governor Robert Ehrlich for the opening of Maryland's first state-owned E-85 fueling facility. "Projects eligible to receive loan guarantees are vast and varied."

The solicitation will govern the first round of loan guarantee applications, valued at $2 billion. Loan guarantees will enable the DOE to share some of the financial risks of projects that use new or significantly improved energy technologies that avoid, reduce or sequester air pollutants and greenhouse gases. Plus, DOE will soon propose draft regulations for public comment that will govern future solicitations.

Secretary Bodman said, "By diversifying our energy mix, we strengthen our nation's energy security, reduce our reliance on foreign oil, and provide employment for America's farmers and biorefiners."

Additional Information

U.S. DOE

Bioenergy, Geothermal Energy, Green Power, Hydropower, Hydrogen - Fuel Cells, Ocean Energy, Other, Solar Energy, Wind Power

5 Reader Comments

Comment
1 of 5

paul-ching-32000

August 10, 2006

humm..., you can't tax sunshine and you can't tax the wind. Wanna bet where most of that 2 billion is going to go?

Comment
2 of 5

kenny-magers-38681

August 11, 2006

This is just what the elcctric doctor ordered . A little help get good renewable energy ideals to the building faze of research and develpoment like the thermal wind and solar structure cone shape building shape . Aikken Entrepreur

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3 of 5

e-f-gene-lucas-50192

August 11, 2006

I certainly hope that some company will get one of those loans to develop a solar-trough direct-point-of-use system (vice solar-electric with its low efficiency). Coupling the 300 degree C liquid output of a solar trough to a heat-exchanger would allow high-efficiency air conditioning in the summer (at peak use hours), and partial heating in the winter - without ever getting onto the power grid. All the malls could use their roofs, or cover their parking lots.

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john-nicholson-46055

August 12, 2006

I wish there was a big push for renewable here in north TX. Don't get me wrong, there is a push, but it is not anything like what is happening in CA or some other states.

John Nicholson

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5 of 5

-22434

August 12, 2006

This program could be used to fund a program to add solar and renewable energy classes to local K-12 school curriculum, as well as Junior College and University programs, to help educate and develop the future solar customer end users.

In addition, funding for solar school programs would help to create a work force of Solar Company personnel, from solar component manufacturers, distributors, construction installation companies, and solar marketing programs.

The old 1980's and 1990's generation of solar company owners are just about retirement age and are in need an influx of new blood.

This fund could also be useful in facilitating the NABCEP license program across the nation.

As Crosby, Stills, Nash and Young once sang, "teach your children well..."

allen@scholfieldsolar.com

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