Energy Funding
Upcoming Sources of Funds
Energy Efficiency and Conservation Block Grants (EECBG): (Formula and competition)
The stimulus act creates a new block grant to assist States and local governments to reduce fossil fuel emissions and total energy use, and improve energy efficiency in the transportation, building, and other appropriate sectors, funding financial incentives, grants for retrofits, transportation conservation, building codes, energy distribution technologies and landfill gas capture.The act provided $3.2 billion in funding-- $2.8 billion allocated by formula and $400 million competitively. The City will receive approximately a $12.5 million EECBG block grant.
Clean Renewable Energy Bonds (CREBs)
The Act authorizes an additional $1.6 billion of clean renewable energy bonds to finance facilities that generate electricity from the following sources: wind, closed-loop biomass open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, marine renewables and trash combustion facilities. This authorization will be subdivided into thirds: 1/3 will be available for qualifying projects of State/local/tribal governments; 1/3 for qualifying projects of public power providers; and 1/3 for qualifying projects of electric cooperatives.
Qualified Energy Conservation Bonds
The Act authorizes an additional $2.4 billion of qualified energy conservation bonds to finance State, municipal and tribal government programs and initiatives designed to reduce greenhouse gas emissions and other qualified conservation purposes. The bill clarifies that qualified energy conservation bonds may be issued to make loans and grants for capital expenditures to implement green community projects and that for programs in which utilities provide ratepayers with energy efficient property and recoup the costs of the property over an extended period of time.
