Administration Says Stimulus Dollars Can Achieve Lofty Energy Goals
The Obama administration unveiled today a report that says the American Recovery and Reinvestment Act’s $100 billion investment in “innovation” will lead to a number of significant energy-related “breakthroughs.”
Vice President Joe Biden and Energy Secretary Steven Chu released the report, “The Recovery Act: Transforming the American Economy through Innovation,” which lays out the potential energy advancements.
They include, according to the Energy Department:
- “Doubling U.S. renewable energy generation capacity and U.S. renewable manufacturing capacity by 2012, a breakthrough that would not be possible without the Recovery Act.”
- “Cutting the cost of batteries for electric vehicles by 70 percent between 2009 and 2015, putting the lifetime cost of an electric vehicle on-par with that of its non-electric counterpart.
- “Cutting the cost of solar power in half by 2015, putting it on par with the cost of retail electricity from the grid.
If the Obama administration can accomplish these advancements, they would address a number of key energy challenges, namely the high costs of solar energy and electric vehicle batteries. In reaching these goals, the administration would be able to quiet critics who say that it doesn’t make economic sense to move away from fossil fuels.