Secretary of Energy Stephen Chu pledged 93 million dollars for wind energy research and development Wednesday during his visit to the National Renewable Energy Laboratory in Golden, Colorado. Chu emphasized that this move would facilitate the president’s goal of switching ten percent of the nation’s electricity sources to renewable sources by 2012.
The funding is part of the American Recovery and Reinvestment Act. 26 billion of the 100 billion dollars available for clean energy funding has been allocated since February and it is hoped that this amount will grow to 70 percent by Labor Day. Chu also pledged 100 million dollars to the laboratory for building upgrades to its biorefinery.
Because of the state of the economy, the secretary also promised to speed up the loan-making process so that projects can begin faster. In the past, it has taken up to four years for loans to be approved, but Chu stressed that the economy cannot wait that long. “We want to launch projects quickly and logically that will provide enduring value,” he said.
To read more, go here