Study calls for reform to energy subsidies

Energy subsidies may be outdated and could be much more costly than previously thought A new study from the International Monetary Fund suggests that the cost of fossil-fuels is much higher than many believe. The study has found that the post-tax subsidy for energy, which also represents the environmental and health costs associated with traditional forms of power, will be $5.3 trillion in 2015. This is approximately 6% of the global gross domestic product and this is more than twice as high as the original predictions from the International Monetary…

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Renewable energy wins a victory in Kentucky

Kentucky lawmakers approve PACE financing to support clean energy and efficiency Kentucky is the latest state the approve a Property-Assessed Clean Energy (PACE) financing initiative. PACE is a financing tool that states can use to develop new renewable energy projects. The tool has become somewhat popular in the United States, as they have proven to be an effective way to finance new energy projects that can be a benefit to a state. PACE allows cities to use property taxes to fund new clean energy projects. PACE will help fund the…

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Spanish bank pulls out of Australian renewable energy market

Banco Santander is selling off its only investment in the Australian renewable energy space Banco Santander, Europe’s largest bank in market value and one of the world’s largest financiers of renewable energy projects, is leaving the Australian clean energy market. The bank has sold its only renewable energy investment in the country, opting to leave Australia due to policy uncertainty coming from the Australian government. The country’s renewable energy market has been shrouded with uncertainty in recent years due to government policies that favor conventional forms of power over environmentally…

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Global renewable energy investments reach $21.4 trillion

New report shows that investments in clean energy have reached a new milestone The Global Sustainable Investment Association has released a new report that shows global investments in renewable energy have reached a new high. Several countries have begun supporting renewable energy for its economic and environmental benefits. These countries are working to break their reliance on fossil-fuels due to growing concerns of the effects of climate change. The economic prospects of renewable energy are also quite promising, as countries generating their own electrical power can lead to significant savings…

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Duke Energy invests in solar energy company REC Solar

Duke Energy to acquire a majority stake in REC Solar with $225 million investment Duke Energy, one of the largest utilities in the United States, has announced that it is acquiring a majority stake in REC Solar, a solar energy developer. The company will be investing some $225 million into commercial solar energy projects that have been developed by REC Solar. The funding is expected to help REC Solar introduce new pricing models for its solar power services to the commercial market, wherein solar energy is becoming a very attractive…

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Obama seeks to raise subsidy for electric vehicles

Increasing subsidy could make electric vehicles more attractive President Barack Obama has petitioned Congress to raise the subsidies for electric vehicles, yet again. The President has sought to increase these subsidies for some time, but has been unsuccessful in his efforts, for the most part. Subsidies offered by the federal government have helped make electric vehicles more accessible, allowing a wider range of consumers to purchase these vehicles. By increasing the federal subsidies, electric vehicles may become more popular to consumers. Obama aims to raise the current subsidy to $10,000,…

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Universities divest in fossil-fuels in favor of renewable energy

Universities are beginning to withdraw support of coal and oil Universities in the United States and Sweden are beginning to divest in fossil-fuels. Several of these organizations have been announcing their divestment strategies over the past few weeks, showing more favor for renewable energy, as clean power could be a more economic and efficient way to obtain electrical energy. Earlier in the week, Oxford University’s General Purposes Committee met to discuss the matter of divesting from fossil-fuels. The university has nearly $4 billion in investments into the fossil-fuel space. Oxford…

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DOE to fund the advancement of hydrogen fuel cell technology for transportation

Agency to invest more than $55 million into better vehicle technology The U.S. Department of Energy has announced that it will be investing more than $55 million into the development and deployment of new vehicle technology. This investment is meant to support the growth of the clean transportation space, with a specific focus on hydrogen fuel cells and their manufacture. Fuel cells have become quite popular in the auto industry, where they are being used to power new vehicles that produce zero harmful emissions. Funding may help improve the manufacture…

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Pennsylvania extends its clean transportation rebate program

Alternative Fuel Vehicle Rebate program has been extended in Pennsylvania by the Department of Environmental Protection Tax credits offered by the U.S. government to those purchasing clean vehicles have been allowed to expire. In Pennsylvania, however, lawmakers have decided to extend tax credits for those interested in clean transportation. The state’s Department of Environmental Protection has announced the extension of the Alternative Fuel Vehicle Rebate program. This program provides rebates to those purchasing conventional electric vehicles and those that are powered by hydrogen fuel cells. Up to $2,000 in rebates…

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Solar energy developer wins support from development fund

SunEdison will receive $175 million from development fund fed by TerraForm Power and JPMorgan Capital SunEdison, a global manufacturer of solar energy technologies, has announced that it will be tapping into a $175 million development fund fed by JPMorgan Capital and TerraForm Power. This fund is mean to support the development of new solar technologies and projects, offering the companies behind these endeavors the financial support they need. The funds will help SunEdison continue research and development on projects through the rest of the year and into 2015. Solar energy…

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Department of Energy funds projects to expand domestic fuel cell industry

Federal agency aims to support the growth of the country’s fuel cell industry The U.S. Department of Energy has chosen three projects to receive $2 million in funding provided by the Clean Energy Manufacturing Initiative. This initiative is designed to support the federal agency’s overarching goal to help the United States be more competition in the manufacture of clean technologies. The funding being issued by the initiative will help support the analysis of hydrogen fuel and the domestic manufacture of fuel cell energy systems and how modern manufacturing processes can…

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Tax incentive for fuel cell vehicles will expire in the US

Federal tax credits for clean vehicles will no longer be available at the end of the year The federal tax credit provided by the U.S. government to support the adoption of fuel cell vehicles will expire at the end of this year. The legislative session for Congress has come to an end, and federal lawmakers have not chosen to address the issue in any way. With the legislative session over, lawmakers will not consider the possibility of introducing a new tax incentive until they reconvene next year. Tax credit had…

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Consumers less interested in clean vehicles as gas prices drop

Survey shows that consumers are less interested in alternative fuel as gas prices become lower The National Association of Convenience Stores (NACS) has released a new survey that suggests that consumers become less interested in clean vehicles as gas prices go down. Typically, the fact that clean vehicles do not consume gasoline is a major selling point. Because these vehicles use alternative fuels, including electricity, their drivers do not have to pay for gas, thereby avoiding high gas prices. As gas becomes less expensive, however, interest in alternatives fuels also…

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US tax incentives supporting fuel cell vehicles will expire at the end of this month

Tax incentives that aid in the adoption of clean vehicles may be expiring at the end of December Automakers developing fuel cell vehicles may soon find the United States to be a turbulent market. Numerous financial incentives that had helped support the adoption of clean vehicles, including those equipped with hydrogen fuel cells, will expire at the end of the month, unless Congress chooses to renew them. These incentives have helped lower the cost of clean vehicles for consumers, making them more attractive to those that are interested in clean…

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Competition seeks to improve the hydrogen fuel infrastructure

Annual competition tasks student teams with improving the business and financing models of hydrogen stations The Hydrogen Education Foundation has launched its 11th annual Hydrogen Student Design Contest. The competition is meant to challenge student teams to develop business and funding models for hydrogen fuel stations. Demand for a working hydrogen infrastructure has risen significantly over the past few years. This infrastructure is needed to power a new generation of clean vehicles that make use of fuel cells rather than conventional internal combustion engines. Lacking infrastructure could create turbulence for…

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US invests $3 billion to fight climate change

United States pledges $3 billion to the Green Climate Fund Several countries have been growing more aggressive on the fight against climate change recently. Last week, the United States and China joined together to form one of the largest emissions agreements in history. The two countries are working together to lower emissions by a significant degree over the next few years. The United States has also revealed plans to invest in the Green Climate Fund, which uses money to assist developing countries combat the effects of climate change. New investment…

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