Electrical News U Can Use: March 2009 Economic Recovery and the Electrical Field
There is finally some promising news regarding the economy that will hopefully bring us closer to the light at the end of the recession tunnel. The new stimulus package, called the American Recovery and Reinvestment Act of 2009, has allotted $80 billion to renewable energy, energy efficiency and mass transit, as well as updating the electrical grid and research. This generous amount allocated for creating more alternative energy uses was accepted with the intention to create jobs (hopefully in the millions), make the economy more productive and create a cleaner world, setting new standards for how we obtain our energy.
Because of this stimulus package, many renewable energy sources will become more popular as tax credits and loans are made more available. For example, tax credits for solar-shingled roofs have increased to cover up to 30% of the cost of the roof. Before the stimulus package, the tax credit was capped at $2,000. This alone could encourage more homeowners to install solar-shingled roofs or solar roof panels. Solar and wind energy is rapidly becoming more popular as more Americans realize that the technology is already in place for large-scale implementation of solar and wind energy sources. As homeowners begin to further understand that there is no pollution associated with solar and wind energy, they will also come to understand the importance of utilizing these energy sources.
There are many reputable companies around that are extremely skilled at installing solar energy devices, and the stimulus package will benefit them as well. Installers can apply for a cash grant and get the money back within 60 days. The combination of tax credits and grants will hopefully help create more work for those in the renewable energy field, which will in turn create the need for more employees within the fields.
The bottom line is that this stimulus package is creating a potential win-win-win situation: a win for the environment, a win for homeowners who will start saving money, and a win for the contractors and workers who will be able to find jobs in what will hopefully be the new field of the near future.