Last Tuesday night during the State of the Union address president Barack Obama made a big push for renewable energy. The president stated that the nation should develop 80 percent of its electricity from clean sources by 2035 and pursue and research development projects to be financed by killing $4 billion in annual tax subsidies for oil, gas and other fossil fuels.
The White House believes that domestic production of wind, solar and other types of clean energy helps to underscore its prime time focus on clean energy as well as innovative technologies that make them cheaper and more reliable.
President Obama’s 2012 budget will increase clean energy technology funding by one-third when compared to last year or to about $8 billion. “Instead of subsidizing yesterday’s energy, lets invest in tomorrows,” said Obama.
Going forward wind and solar companies would also like to see a long-term extension of the popular government 1603 grant program, which allows companies to obtain grants instead of investment tax credits.
Clean energy advocates have also supported the creation of a national renewable energy standard. This would force companies to generate a certain percentage of their electricity from renewable energy sources.
For more on Obama's clean energy push click here >
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