The U.S. Department of Energy said today it will disperse 70 percent of the funds allocated by President Obama's economic stimulus package by the end of 2010 as it moves to simplify paper work and hire more staff to speed up approval of energy projects.
The department wants to begin offering loans and loan guarantees by this summer, it said in a statement on Friday. It will manage a total of$39 billion including $6 billion in loan guarantees for clean energy and electricity transmission projects.
We need to start this work in a matter of months, not years - while insisting on the highest standard of accountability, Secretary Chu said in a statement.
A jobs report from the American Solar Energy Society a non-profit organization, estimated that by 2030, the Renewable Energy and Energy efficiency industries would generate about 37 million jobs and $4,294 billion in annual revenue.
There is an urgent need to generate the green jobs and grow the green economy to help struggling families and business to put the U.S. economy back on track, said Neal Lurie Director of marketing and communications at the non profit.
The President signed the American Recovery and Reinvestment plan of $787 billion on Tuesday allocating a total of $65 billion for energy projects.