Congress Spares Energy Spending, Credits in Compromise Stimulus Bill

The House and Senate have made a tentative deal on the stimulus bill, and plan to vote on a compromise version of the package tomorrow. At $789 billion, the bill is some $40 billion leaner than either of the versions proposed by the two legislative bodies. Full details of the compromise bill have yet to emerge, but what has come out suggests that energy escaped the Congressional carving knife.

According to an AP report, lawmakers have allotted a total of $50 billion for energy programs in the compromise version, compared with $54 billion proposed in the House last month. If lawmakers and then President Obama give the green light to this version, production tax credits for wind energy will be extended through 2012, and for geothermal and marine energy through 2013. Below are more highlights — from BusinessWeek and the AP:

  • Weatherizing Homes: $6.4B
  • Smart Grid: $11B
  • Renewable Energy Loan Subsidies: $13.9B
  • State Energy Efficiency and Clean Energy Grants: $6.3B
  • Federal Building Efficiency Improvements: $4.5B
  • Plug-in Hybrid Tax Credit: Up to $7,500 per family
  • Advanced Research Project Agency for Energy: $400M
  • Tax Incentives for Renewable Energy and Energy Efficiency (over 10 years): $20B