Today, September 30th, 2010, marks one of the most critical milestones for the Recovery Act. Not only is it the end of the Federal fiscal year, it’s also the deadline stipulated by Recovery Act legislation for the Department to have formally committed all $32.7 billion of our grant and contract funding to clean energy projects. Today, I’m happy to announce that we've done that.
What we have executed under the Recovery Act has been unprecedented. Through our competitive review process, we have selected more than 5,000 recipients for $32.7 billion in grants and contracts. Our program and procurement teams have obligated the funding and recipients have spent more than $7.7 billion (24.5%) of our funds to date. Successful collaboration with Treasury has supported nearly $7.5 billion in additional tax awards, including $5.2 billion in clean energy grants in-lieu of tax credits well as $2.3 billion in clean energy manufacturing. Meanwhile, the Department’s loan program has committed more than $15 billion in loan guarantees. Our Recovery Act projects across the country are accelerating technologies spanning the innovation spectrum, building a more competitive U.S. clean energy manufacturing sector and enabling billions in private sector investment.
It is important to remember, however, that the work is far from over. By reaching our obligation milestone today, we are closing one chapter of the Recovery Act at the Department of Energy and beginning a new one.
Now it’s in the hands of the recipients – including state and local governments, small and large businesses, labs, universities and institutions – to follow through on their innovative and potentially revolutionary projects. Not every project will play a role in our energy future, but the ones who do will be at the cutting edge of our transition to a clean energy economy.
We are not going to achieve a greener, cleaner future overnight. But we can achieve it soon. That’s the reality. We can be competitive in the global marketplace again, and we can once again lead the world in scientific innovation. Our work over the last year and a half through the Recovery Act is a great start. Now, we have to keep the momentum going. The real challenge lies ahead.
See the Department of Energy's Recovery Act data updated every week.
Andy Oare is a New Media Specialist with the Office of Public Affairs