Stimulus Funds Spark Energy Innovation, Says Biden

A report released by Vice President Joe Biden at a briefing on Aug. 24 states that stimulus funds from the American Recovery and Reinvestment Act have made a significant impact on energy efficiency and renewable energy.

Citing outcomes from the White House report, Biden said Recovery Act funds paved the way for "game-changing breakthroughs" in clean power, the smart grid and electric automobiles.

Biden was joined by Secretary of Energy Steven Chu, who added that investments from the Recovery Act are supporting the economy by lowering the cost of energy technology and creating green jobs.

“We are unleashing the American innovation machine to change the way we use and produce energy in this country... helping create tens of thousands of new jobs,” Chu said.

Building Toward Breakthroughs

According to the analysis, The Recovery Act: Transforming the American Economy through Innovation (1.29 MB PDF), the United States is now on track to achieve substantial energy innovations, such as decreasing the cost of electric-vehicle batteries by 70 percent, from $33,000 today to $10,000 in 2015. This price-cut will be accomplished by reducing batteries' weight by one-third. Because a lighter battery needs less energy to power a car, it puts price tags for electric cars on par with that of conventional cars.

The United States also is on track to halve the cost of solar power by 2015, as well as double U.S. renewable energy generation capacity by 2012, the report said.

EE Leaders Present Support

The Vice President's briefing was attended by Alliance President Kateri Callahan, in addition to representatives from two dozen companies and research institutions that use Recovery Act dollars toward money- and energy-saving technology. Alliance Associates Cree Inc. and Johnson Controls Inc. were among the companies in attendance.

In his address, Biden described a visit he made to Durham, N.C.-based Cree and quoted Cree's CEO, Chuck Swoboda, who said: “The Recovery Act funding made it a straightforward decision to continue to invest in the U.S.”

For more info

The Recovery Act provided more than $25 billion for energy efficiency programs, and invested $100 billion in American science and technology. The Alliance's Stimulus Resources Page features information on the energy efficiency funding provided in ARRA, as well as how the Alliance is helping to ensure maximum investment in energy efficiency.