Thursday, May 14, 2009

VT announces $22 milion for Renenewable Energy Grants and Loans

Vermont confirmed today that $22 million in additional funds will be available through the American Recovery and Reinvestment Act (ARRA) - also called the stimulus package. The funds will be added to $7 million dollars of State funds available to the Clean Energy Development Fund (CEDF). The CEDF provides grants and loans for renewable energy projects such as solar photovoltaic, wind turbines, methane digesters (cow power), and other biomass. See our April 8th, 2009 post for more background. According to Recovery.gov, the www site that tracks ARRA allocations, $43 billion has been allocated nationwide to energy investment.

The Economic Development legislation passed by the House and Senate (the Governor has not yet agreed to sign), changes the governance of the CEDF. Currently the Board consists of the commissioner of public service and the chairs of the house and senate committees on natural resources and energy. The new legislation, if signed into law, would create a Board of nine including: (A) Three at-large directors appointed by the Speaker of the House; (B) Three at-large directors appointed by the President Pro Tempore of the Senate (C) Two at-large directors appointed by the Governor (D) The State Treasurer, ex-officio. The new law puts in place more transparency and financial accountability, moves the fund manager from the Department of Public Service to the Treasurer's Office, and gives the Board authority to use the CEDF for loss reserves for related bonding.

No comments: