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With billions in stimulus dollars earmarked for energy efficiency, the U.S. Department of Energy (DOE) is working diligently to distribute those funds to help launch relevant projects. During yesterday’s EE Policy Perspectives Breakfast, Matt Rogers, senior advisor to the U.S. Secretary of Energy for the Recovery Act, provided insight on this process with Alliance Board and Associates.
Rogers explained that given DOE's emphasis on accountability and transparency, its awards and implementation processes observe a balance of discipline (i.e., special care regarding how taxpayer money is handled) and speed (an attention to how quickly funds are expected to go out the door). Rogers reminded Alliance Associates that DOE will be judged not only on how quickly funds are disbursed, but on their impact on energy savings and economic growth. While job growth remains a key metric on the overall effectiveness of stimulus funding, DOE's success will hinge largely on the U.S.'s long-term energy efficiency and renewable energy content and carbon sequestration capabilities.
According to Rogers, when DOE distributes energy efficiency funds allocated by the Recovery Act it seeks high-quality projects that are both adaptable to the marketplace and suitable for private sector investment, once stimulus funds are exhausted. Comparing these funds to a “down payment,” Rogers noted that if in the next two years, projects funded by DOE stimulus money can demonstrate the profitability of energy efficiency and renewable energy investments, they are more likely to be continued by private sector investment.
While stimulus funds for energy efficiency and renewable energy are to be be disbursed within two years, their impact is projected to be far more long-term. Ultimately, the goal is to improve American energy use and strengthen the economy.
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