Pennsylvania businesses need stable and affordable electricity rates in order to survive and compete. Gov. Rendell plans to meet those needs by fueling the expansion of PA's energy-related companies by offering ready access to venture capital, working capital, loans and limited grants.
"The clean energy sector is one of the fastest growing parts of the U.S. economy and I am determined to put our state in the forefront of this coming economic renaissance," Gov. Rendell said. "Making strategic investments through the new Energy Independence Fund we will leverage private capital to generate $3.5 billion in new investment and create 13,000 new jobs."
Rendell's strategy will invest $850 million to cut consumer energy costs by $10 billion over the next decade, stabilize electricity rates for businesses, significantly expand PA's alternative fuel and clean energy industries and reduce dependence on foreign oil.
The strategy contains important energy conservation and green building initiatives, both of which are highlights of Pittsburgh's emerging green economy. The strategy calls for up to $500 million in grants and low-interest loans for projects involving clean energy business sites or business sites incorporating LEED-standard buildings. Pittsburgh is a national leader in LEED-certified buildings, with 17 buildings comprising almost 2.7 million square feet. Among states, Pennsylvania is second only to California in energy efficiency with more than three dozen buildings LEED-certified by the U.S. Green Building Council.
Pittsburgh is also at the cutting edge of biofuels production and use. The city fleet is being converted to biodiesel with the assistance of a state grant to cover the incremental cost of purchasing almost 1.2 million gallons of biodiesel and to provide biodiesel storage tanks at city refueling sites. Heinz Field will provide much of the waste vegetable oil used to produce biodiesel for the city fleet. Rendell's proposal mandates the use of biofuels and ethanol in all transportation fuels in PA, and includes $200 million for rebates to homeowners who replace inefficient home cooling appliances. The Pennsylvania Sunshine Solar Initiative will create incentives for solar manufacturers to establish operations in the state.
To learn more about Gov. Rendell's Energy Independence Strategy, go
here.