Obama Pushes Billions in Green Executive Actions

President Barack Obama’s package of executive actions includes $1 billion in new taxpayer subsidies to the green energy industry and homeowners, while also promoting existing $10 billion in loan programs.

“We are taking steps that allow more Americans to join this revolution with no money down,” Obama said at the National Clean Energy Summit in Las Vegas Monday. “You don’t have to share my passion for fighting climate change. A lot of Americans are going solar and becoming more energy efficient not because they’re tree huggers – although trees are important, I just want you to know – but because they are cost cutters. And I’m all for consumers saving money because that means they can spend it on other stuff. Solar isn’t just for the green crowd anymore. It’s for the green eyeshade crowd too.”

President Barack Obama speaks during the National Clean Energy Summit 8.0 in Las Vegas, Nevada, August 24, 2015. AFP PHOTO/JIM WATSON ( JIM WATSON/AFP/Getty Images)

Under the initiative, the Obama administration will invite applications for more than $10 billion in existing loan projects available. The current loans are for the Distributed Energy Projects program and solicitations will open to more potential companies to vie for funding on alternative energy.

Further, the administration will make $1 billion in new loan guarantees for distribution of alternative energy such as solar and wind. These new loan guarantees will target industries such as rooftop solar, energy storage, smart grid technology, and methane capture for oil and gas wells, according to the White House.

The administration also announced $24 million for 11 projects to assist in developing solar technologies that double the amount of solar energy available. Three of the projects are in California, two are in Massachusetts, the others are in New York, North Carolina, Pennsylvania, Texas, and Washington state.

Alternative energy is moving closer to a day when it doesn’t need subsidies, but the country can’t wait for that, said Energy Secretary Earnest Moniz in a conference call with reporters Monday.

“We support extending a variety of tax credits that is very important for clean energy and a clean energy infrastructure,” Moniz said. “Cost reductions have been incredible. Without subsidies, I would still see solar power growing, but we don’t have a lot of time to get it right. We need to address climate change early.”

Many of the loans are for companies seeking to access financing for green energy projects, some of the loans will also come through the Property-Assessed Clean Energy financing program, or PACE.

The Obama administration is also crating a Defense Department Privatized Housing Challenge, which allows companies to commit to provide solar power to housing on over 40 military bases across the United States, with the stated goal of saving military families money on energy bills and making military communities more energy secure. The DOD and White House Council on Environmental Quality convened companies that own privatized housing units for military to share best practices. Four companies are committed to provide solar power at more than 40 military bases. The companies are Balfour Beatty, Corvias, Lincoln Military Housing and United Communities.