The State-Based Renewable Energy Investment Act
Act XI of Energize America
To facilitate the deployment of one privately-financed, high-visibility renewable energy project within each state by 2012.
By means of venture capital and a federal grant program, the State-Based Renewable Energy Investment Act will promote the construction of one major, large scale experimental renewable power project in each state. Municipalities can nominate their town or city based on local energy needs, available resources, and level of public support, and each state’s legislature will select a project by the end of 2010 based on consistent and fair criteria. Americans need to see renewable energy as economical and practical, and they need to see completed renewable energy projects so that they can enjoy its benefits. Highly visible projects will help build national confidence, validate new technologies, promote public education and develop cutting edge expertise that can provide American industries with high-value exportable products.
These demonstration projects can include wind, solar, biomass, biofuel, ocean thermal, geothermal and other energy sources, as determined by the local community. State or private funds will be matched by federal funds one-for-one up to $100 million per state. In addition, the Federal government will provide $1 million per year per Congressional District for demonstration projects for renewable energy and energy efficiency for ten years after passage of this act. These funds may be complemented by money raised on the markets though the Community-Based Energy Investment Act if the projects are commercially viable on the basis of the money provided under this act. The State-Based Renewable Energy Investment Act will be managed within the Department of Energy.
The State-Based Renewable Energy Investment Act will jumpstart the deployment of highly visible renewable energy projects nationwide. In addition to making matching funds available for selected projects within each state, this act will create strong awareness of, and demand for, renewable energy projects in communities across the country. The process of applying for matching funds will cause communities everywhere to seriously consider which renewable energy sources are appropriate for their needs, which specific projects make the most sense locally, and how to best move the public dialogue forward on the issues.
The State-Based Renewable Energy Investment Act will cost an estimated $11 billion through 2020.