A Cleaner, Greener Economy for Pennsylvania
Despite the global recession, worldwide investments in renewable energy projects and companies jumped to $155 billion in 2008 and—according to Pennsylvania’s top technology investment official—the Commonwealth will compete for a larger share of that pie.
New resources available to Pennsylvania entrepreneurs and companies through the $650 million Alternative Energy Investment Fund will mean thousands of jobs and a cleaner, greener economy for Pennsylvania.
“The work of Governor Rendell and the legislature has made Pennsylvania a destination state for businesses that create jobs and lead to a cleaner environment,” says DCED Deputy Secretary John Sider. “Since 2003, we’ve invested $915 million to spur Pennsylvania’s alternative energy economy by supporting approximately 600 projects that have created and retained more than 8,300 jobs.”
With the latest injection of $650 million through the Alternative Energy Investment Fund and nearly $16 million in the Alternative Fuels Investment Fund, Pennsylvania has new resources, ensuring that the state remains a leading destination for wind, solar and biofuel production.
The $650 million Alternative Energy Investment Fund and the nearly $16 million Alternative Fuels Investment Fund that Governor Rendell signed into law in July 2008 include $237.5 million specifically targeted toward helping consumers conserve electricity and manage higher energy prices, and $428.4 million to spur the development of alternative energy resources. The state’s investment is expected to leverage as much as $3.5 billion in private investment and create at least 13,000 new, good-paying, green-collar jobs.
The $335 million available through the Alternative Energy Investment Fund is designed to help improve infrastructure, economic development, early-stage activities and alternative energy companies.
Many people believe renewable energy will be to the 21st century what biomedical research and information technology was to the 20th century. It’s important that we make this investment now so Pennsylvania reaps all the benefits of a strong alternative energy industry. —John Sider, DCED Deputy Secretary
The outlay, directed by the Commonwealth Financing Authority, includes:
- $25 million through the Renewable Energy Program, which will provide loans and grants to eligible businesses, nonprofit entities, economic development organizations and political subdivisions for wind and geothermal projects.
- $25 million through the High Performance Building Program that will provide grants and loans to families and businesses constructing or renovating buildings that meet standards that measure a building’s overall sustainability.
- $80 million through the Solar Energy Program, which will provide funding to businesses, economic development organizations and political subdivisions to advance projects that generate and use solar energy, or that manufacture and assemble solar equipment.
- $165 million through the Alternative and Clean Energy Program will provide grants and loans to businesses, political subdivisions and economic development organizations for the utilization, development and construction of alternative and clean energy projects.
In addition, Sider says that the four regional Ben Franklin Technology Partners, which identify and support promising ventures with technical assistance and capital, will receive $40 million to make energy-related investments in early-stage activities, including management support, commercialization of research, incubator support services and company investment.
“Pennsylvania has established itself as a leader in the development and deployment of advanced energy solutions,” Sider said. ”We’ve attracted some of the world’s leading renewable energy companies and supported cutting-edge businesses that are making groundbreaking advancements.
Tags: clean energy technology, economic development, filed under News, Statewide 