$ECTH During February 2009, the American Recovery and Reinvestment Act of 2009 (“AARA”) was signed into law, providing significant new Federal funding, loan guarantees, and tax credits to stimulate investments in energy efficiency and renewable energy.
During 2009, President Barack Obama endorsed an energy bill which, if passed, would federally mandate utilities to increase their use of renewable energies. A renewable energy standard would be created in the New Energy for America Plan, requiring 10 percent of the country’s electricity to be derived from renewable sources by 2012 and 25 percent by 2025.
Many states within the US have already established their own benchmark requirements to diversify their energy sources and offset carbon emissions. As of April 2010, 36 U.S. states representing more than 50% of the country’s electricity sales established Renewable Portfolio Standards (“RPS”) requiring utilities to adhere to a specific percentage renewable energy sources by a specified date.
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