The $25 billion in support for clean energy technology provided by the American Recovery and Reinvestment Act has “built a platform for a private investment boom in new clean energy projects that continues to propel their growth,” Secretary of Energy Ernest Moniz wrote Friday in a Department of Energy blog post.
The Recovery Act was signed into law in February 2009 and the Administration is taking the anniversary as an opportunity to toot their horn. “Seven years ago, solar, wind and other renewable energy were sideshows compared to conventional energy. Now they are the nation’s main sources for new power generation. Renewable energy accounted for nearly 70 percent of new generating capacity added in 2015 — despite falling costs for conventional fuels,” Moniz wrote in the post.
“In addition to providing a stimulus, the funding helped address market failures in clean energy markets. The funding reached nearly every aspect of the value chain for numerous key clean energy technologies, including advanced vehicles, batteries, carbon capture and sequestration, and technologies to enhance energy efficiency,” according to a White House fact sheet.
