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U.S. smart grid industry to roll out new grid systems
Bangalore: After the U.S. government confirmed that the sector will not be taxed on the federal grants, the emerging U.S. smart grid industry has vowed to accelerate the roll out of new grid systems, reports Rachel Fielding from BusinessGreen.
Economic stimulus legislation introduced last year included a $3.4 billion fund for Smart Grid investment grants, designed to kick-start the installation of smart-grid systems that promise to enhance the reliability of transmission networks, while helping households and businesses curb energy consumption by providing them with real-time energy use information.
"Smart Grid Investment Grants help encourage innovation in the way we power our homes and businesses," said Treasury Assistant Secretary for management Dan Tangherlini. "By clarifying the tax treatment of Smart Grid Investment Grants, we are ensuring that their full impact is felt in the communities where these investments are being made."
However, there had been concern across the industry that uncertainty surrounding the tax status of the multimillion-dollar grants was delaying projects. Now the Treasury Department has confirmed that the grants will be exempt from taxation. In a statement, the department said the decision would allow the Department of Energy to move forward quickly to finalise grant agreements over the coming weeks.
Katherine Hamilton, President of Trade Group GridWise Alliance, said, "Now these smart-grid technologies can be deployed and begin doing what they are intended for - stimulating the economy. These projects will make our electric grid more reliable, flexible and efficient, while creating much-needed jobs in utilities, manufacturing and across the energy value chain."
The $3.4 billion Smart Grid Investment Grant programme is the largest single energy grid modernisation investment in U.S. history. Through the scheme, 100 private companies, utilities, manufacturers, cities and other partners will receive funding to implement a broad range of technologies that will spur the nation's transition to a smarter, stronger, more efficient and reliable electric system.
The projects are expected to create tens of thousands of jobs, and deliver a stronger and more reliable grid to energy consumers across the country. Advocates of the technology also predict that it will help support the roll out of renewable energy projects such as wind and solar farms, and the development of smart appliances that can automatically reduce their power use at times of peak demand.
