Early next year, Vermont will become the only state in the country to move ahead with a national program that allows property owners to borrow money against their tax assessments to fund energy efficiency projects.Global investments in green energy up nearly a third to $211 billion
The Property Assessed Clean Energy Program, or PACE, gives property owners access to low interest loans to pay for energy efficiency projects by pegging the money to the property tax assessments.
The money is paid back through the tax payments, and so the loans stay with the properties, if the home is sold.
Wind farms in China and small-scale solar panels on rooftops in Europe were largely responsible for last year's 32% rise in green energy investments worldwide according to the latest annual report on renewable energy investment trends issued by the UN Environment Programme (UNEP).Malaysia Renewable Energy Act On Track For September Implementation
Last year, investors pumped a record $211 billion into renewables -- about one-third more than the $160 billion invested in 2009, and a 540% rise since 2004.
For the first time, developing economies overtook developed ones in terms of "financial new investment"--spending on utility-scale renewable energy projects and provision of equity capital for renewable energy companies.
The Renewable Energy Act is on track to be implemented on September 1, upon the setting up of the Sustainable Energy Development Authority (SEDA), said the Minister of Energy, Green Technology & Water, Datuk Seri Peter Chin Fah Kui.Australian Greens secure $13 billion for expanding renewable energy projects
"The industry is keen on the implementation of the Act, and many people even wanted the Act to be in effect immediately. Unfortunately SEDA is only able to function in September, with the Act approved by the cabinet to be in effect then," he said after the launching ceremony for the 2011 MCCC-Country Heights Environmental Green Award.
"I will be announcing the Director General for SEDA early next month," he said.
Under the Act, SEDA will manage the Feed-in-Tariff (FiT) programme and also the development of the renewable energy industry in the country.
The much awaited FiT will enable the public, ranging from individuals to independent power producers to sell energy generated via renewable means back to the utility companies, which are mandated to buy the energy at a rate gazetted in the Act.
The Australian Greens have succeeded in securing some big concessions from the Government during negotiations inside the Multi-Party Climate Change Committee.
The substantial focus the carbon price package has on renewable energy, including $13billion directed towards expanding clean technology projects, was a demand the Greens insisted on being included.
Describing yesterday as historic, Greens deputy leader Christine Milne was referring to the agreement that placed a healthy emphasis on renewable energy.
But it was also a historic day for the minor party that allows Labor to cling on to minority government and that now has the balance of power in the Senate.
''This historic agreement delivers the biggest investments in renewable energy and biodiversity Australia has ever seen,'' Senator Milne said. ''We are particularly delighted that this package is designed as a platform for stronger, more ambitious action into the future.''