The government under President Obama has contributed a lot lately for its existing smart grid technology. Though the interest in renewable technology is quite it is only in the last 3 years that the government has taken significant steps towards smart grid technology. For example, US has partnered with Japan to develop and utilize wind power technologies for the benefit of people without polluting the environment.
The US government has now taken steps for alternative funding to spearhead the growth of smart grids. In October 2009, President Obama pledged an investment of $3.4 billion in terms of government grants so that a smart grid could be built on American soil. The funds are utilized for the development of the smart grid and its installation. Once the smart gird project is completed, electricity would be delivered to houses and offices from renewable and green energy resources. The whole emphasis of this project is the lesser burning of fossil fuels to produce energy and use renewable resources such as hydroelectricity, solar and wind power.
The US Department of Energy announced a further funding of $620 million in November 2009 for funding the smart gird projects across the country. Today development of smart gird projects across the country is in full swing. This is beneficial for the government with the spiraling oil prices and other types of non renewable energy sources becoming more expensive with each passing day.
The smart grids concentrate on developing green energies to garner independence from the current environmental polluting fuels. Investors are encouraged to invest their funds in the smart grids and related technologies with a promise of good interest rates. The concept of smart gird has come in the public eye because of President Obama’s interest in delivering electricity and other power to consumers from renewable energy resources such as solar plants and wind power.
This step by President Obama has been profitable for Dow Jones Sustainability World Index. The index has gone up by 30% in the last year and is showing positive signs to go further up the ladder. Some investors are taking losses in the beginning however the president has assured that this is just a temporary financial crisis and it will even out as time passes by.
