Yes, that B in the headline does stand for billion. The U.S. Department of Energy (DOE) quietly crossed a major milestone yesterday with regards to use of Recovery Act funds for clean energy works, many of which we’ve previously covered. This milestone, being the end of the Federal fiscal year, was also the deadline stipulated by Recovery Act legislation for the Department to have formally committed all $32.7 billion of grant and contract funding to clean tech projects.
The DOE said this milestone has been met, though not all of the funding has actually been put into play as of yet by those given it. Via what is described as a competitive review process, more than 5,000 recipients were selected for the billions in grants and contracts. The DOE’s program and procurement teams obligated the funding and, to date, recipients have spent more than $7.7 billion (24.5%) of it. Collaboration with the U.S. Treasury Department as well supported nearly $7.5 billion in additional tax awards, including $5.2 billion in clean energy grants in-lieu of tax credits well as $2.3 billion in clean energy manufacturing. Also of note is that the DOE’s loan program has committed more than $15 billion in loan guarantees.
“Now it’s in the hands of the recipients – including state and local governments, small and large businesses, labs, universities and institutions – to follow through on their innovative and potentially revolutionary projects,” said a spokesperson for the DOE in a statement. “Not every project will play a role in our energy future, but the ones who do will be at the cutting edge of our transition to a clean energy economy.”