Renewable Energy Fund
Renewable Energy Fund
HB 152 ‘Creating A Renewable Energy Fund’
HB 152, 'Creating a Renewable Energy Fund', is finally a law. Governor Palin signed HB 152 into CHAPTER 31 SLA 08 Friday May 23, the same day she approved the $25 million dollar appropriation for Fire Island!
The fund will begin with an initial $50 million appropriation with the intent to include an additional $50 million for the next four years, totaling a $250,000,000. To assist the Alaska Energy Authority in putting together the program's regulations and making funding regulations, a seven member advisory committee with 5 members appointed by the Governor and one spot for both a senate and house member will be created.
This is a great start towards providing Alaskans with more opportunities to develop increasingly affordable and efficient renewable energy technology, which has the potential to convey significant economic, health and environmental benefits throughout Alaska.
Please write to Governor Palin THANKING her for her support.
The Need
An adequate, reliable, reasonably priced and safe supply of electrical energy is necessary for Alaska’s infrastructure, economic security and technological development. Blessed with unparalleled renewable energy resources, Alaska has the opportunity to lead America and the world in the development of clean, renewable energy resources.
Fossil fuel dependence is currently taking a heavy toll on Alaska consumers, especially in rural communities, where households spend as much as 40% or more of their annual incomes on electricity, hot water, heating and cooling. Renewable energy technologies have the potential to bring new vitality to Alaska’s economy and communities by providing new jobs and economic opportunities. Developing alternative sources of fuel places Alaska on the forefront of states working to find pro-active solutions to the challenges of climate change and fossil fuel dependence.
High up-front capital costs are often a significant barrier to renewable energy development in many communities. To overcome this difficulty, Alaska needs a financing system to make renewable energy projects a reality because interest in building renewable enrgy projects is strong and growing. The Denali Commission recently received 181 letters of interest for renewable energy projects, totaling $1.7 billion. By helping to increase funding for renewable energy projects, we will provide Alaska’s communities with a tool to help take control of their energy needs and build a healthier future for Alaska.
The Proposal
Alaska possesses vast amounts of energy resources in the form of wind, geothermal, biomass, tidal, wave and hydro power. With virtually no fuel costs and with the development of increasingly affordable and efficient technologies, renewable energy has the potential to impart significant economic, health and environmental benefits throughout Alaska. However, Alaska remains one of handful of states that has no statewide policy to encourage the development of its renewable energy resources. The establishment of an Alaska “renewable energy fund” similar to funds in fourteen other states could provide grants and loans to viable renewable energy
projects.
The Benefits
An Alaska Renewable Energy Fund would:
• Provide communities throughout Alaska with another tool to reduce dependence upon expensive
fossil fuels.
• Deliver new sources of jobs and place Alaska on the forefront of states that are developing their clean energy economies and reducing their fossil fuel dependence. According to the National Renewable Energy Laboratory, renewable energy investments can create three times as many jobs as the same level of spending on fossil fuels.
• Deliver a practical, profitable solution to the specter of climate change in Alaska.
Please contact the Juneau Watchdog at mikayla@akcenter.org if you have any questions or would like more information.
