Obama signed the $787 billion economic stimulus package into law this week and energy saving measures and alternative fuels will get nearly $62 billion in spending and another $20 billion in tax credits and bond provisions from the measure.  This includes:

3 Billion for Electrifying Transportation, Alternative Fuels and Efficient Vehicles

• $300 million for the Alternative Fueled Vehicles Pilot Grant Program (to facilitate the use of alternative fueled vehicles by government and perhaps private fleets).
• $300 million is provided for the acquisition of vehicles for the federal fleet. Vehicles must be at least 10 percent more fuel efficient than the vehicles replaced and funds may be used to purchase plug-in hybrid vehicles if they are commercially available before September 30, 2010.
• $2 billion for the Advanced Battery Manufacturing grant program to support the manufacture of advanced vehicles for hybrids, plug-in hybrids and electric vehicles.
• $400 million for transportation electrification activities.

As Well As:

2.1 Billion in Tax Credits and Bond Provisions for Electrifying Transportation, Alternative Fuels and Efficient Vehicles

• This includes Business and individual tax credits for alternative fuel pumps and refueling infrastructure is temporarily increased from 30% to 50% of qualifying costs for 2009 and 2010, with the exception of hydrogen fueling pumps, which remain capped at 30%. Expected cost is $54 million over 10 years.
• Increases tax credit for purchase of plug-in hybrid electric vehicles, allowing larger credits for vehicles with larger batteries. The base amount of the credit is $2,500.

Obama has said that the bill will fund record investments in education, new energy research and new infrastructure that will lay the foundation for the nation's economic future.
 

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