Thursday, February 3, 2011

President Pushes Loans, Grants & Tax Credits for Energy Efficiency

President Barack Obama used a visit to Penn State University to announce a new energy efficiency plan.
The tax incentives and grants aimed at improving energy efficiency by 20 percent over the next ten years build on the “Win the Future” theme President Obama focused on during his State of the Union.
Addressing the crowd of about a thousand students, Mr. Obama said the United States will face stiff competition from the rest of the world over the coming decades.

"I know every young person here feels that pressure. You understand that it’s not going to be a cakewalk – this competition for the future."

Mr. Obama acknowledged energy efficiency “isn’t a sexy topic.”

"Everybody focuses on cars and gas prices. That’s understandable. But our homes and our businesses use 40 percent of the energy. They contribute to 40 percent of the carbon pollution that we produce, and is contributing to climate change."

The president wants the Department of Energy to guarantee loans for small businesses taking out money to improve their buildings’ efficiency.
Mr. Obama says that, combined with tax credits and grant programs he wants to offer, could help the country’s businesses save 40 billion dollars a year on energy costs.
He wants to pay for the plan by eliminating tax breaks for big oil companies.

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