Pennsylvania Governor Signs Bill Establishing US $650 Million Energy Fund

Pennsylvania Governor Edward Rendell on Wednesday signed a new law that will establish a fund that could save both families and small businesses money on their energy bills by supporting investments in renewable energy, energy efficiency and conservation.

Included in the new US $650 million fund is US $370 million that will provide:

  • US $165 million for loans and grants for renewable energy projects (except solar) among businesses and local governments.
  • US $100 million to provide loans, grants and rebates that cover up to 35 percent of the costs residential consumers and small businesses incur for installing for solar energy technology.
  • US $80 million in grants and loans for economic development projects in the solar sector.
  • US $25 million for wind energy and geothermal projects.

The rest of the fund will be used for energy efficiency, green building and other conservation programs as well as for financial assistance through the state’s Low-Income Home Energy Assistance Program (LIHEAP). The bill also establishes an energy efficiency loan fund through the Pennsylvania Housing Finance Agency.

“This new investment fund will strategically target new resources to leverage as much as US $3.5 billion in private investment and create at least 13,000 new, good-paying jobs in an industry that is sure to be to the 21st century what information technology and biosciences were to the later 20th century,” Rendell said.

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