A renewable energy economy isn't something that’s far off in the future, it's happening all across America right now. In February 2009, President Obama signed the $787 billion economic stimulus bill, the American Recovery and Reinvestment Act, which includes billions of dollars in spending and tax credits for renewable energy, i.e. solar, wind, and water, as well as for environmental restoration, national parks, cleaner cars and other energy efficiency programs.

With this act, the renewable energy market will be relied upon to help boost the economy. The House and Senate each provided major increases in spending and tax credits for energy efficiency and renewable energy, setting aside $13 billion to extend tax credits for the production of renewable energy sources such as solar, as well as $11 billion to fund modernization of the electricity grid — an effort seen as key to expanding use of renewable energy.

The House and Senate versions also each have $4.3 billion in tax credits for homeowners to make their homes more energy efficient, along with $2.5 billion in funding for renewable energy and development at the U.S. Energy Department.

With the passing of this act, an aggressive energy efficiency goal has been set - to reduce electricity demand by 15 percent from projected levels by 2020. Likewise, the proposed alternative energy plan, New Energy for America, could have a significant impact on the U.S. solar industry. According to Renewable Energy World, the plan’s renewable energy provisions include:

• Investing in renewable energy in hopes that this source of power generation will double in the next few years.
• Increasing the country's energy efficiency by modernizing more than 75 percent of federal buildings and improving the energy efficiency of two million American homes.
• Building a new electricity "smart grid," thereby saving money, protecting U.S. power sources and delivering clean, renewable forms of energy to all areas of the country
• Instituting a federal renewable portfolio standard (RPS) that requires 10 percent of electricity consumed in the U.S. to come from renewable sources by 2012, and 25 percent by 2025.
• Making a $150 billion investment over 10 years in research, technology demonstration, and commercial deployment of clean energy technology.
• Extending production tax credits for five years to encourage renewable energy production

The economy is such a huge factor in this act because, according to Bloomberg, the high unemployment rate and dire need to create jobs will encourage the development of new employment opportunities through “green” projects related to renewable energy sources. Energy lobbyists and analysts said these sources will get top priority.

These renewable energy plans will also help building-product manufacturing companies that produce water heating, wind, and/or solar goods. Some of these companies include: Southwest Windpower, based in Flagstaff, Arizona, which is a manufacturer of wind turbines up to 40 kW; Advanced Green Technologies Inc. of Fort Lauderdale, Fla., which produces solar water heating systems and solar membrane roof systems, among other photovoltaic solutions; and EnergyPeak of Pittsburgh, which designs and distributes BIPV (building-integrated photovoltaic) standing seam metal roofing systems.

“We are extremely excited by the approach taken with the new stimulus bill,” said Andy Kruse, co-founder and executive VP of business development of Southwest Windpower. “By eliminating the cap on small wind, this will allow more consumers to access renewable energy and make an impact on both the economy and the environment.”

Along with the economic stimulus package, the energy economy may also be revamped as part of a separate climate bill. This job creation and climate plan is called a “mid- to long-term solution” on Obama’s Web site. The plan is to invest $150 billion over 10 years to create five million jobs in the auto and clean-energy industries.

One of the stumbling blocks with the switch from traditional energy sources to sustainable is that power from renewable energy and cleaner coal-fueled plants is more costly than the current U.S. generation sources. However, non-renewable energy sources will only be useful until the supply has been depleted, making the future of these energy sources very unpredictable and pushing alternative energy sources now more than ever. Currently, renewables account for only eight percent of U.S. electricity, but with the renewable energy plan in the stimulus package, the numbers should be on the rise in the near future. Despite the initial costs to make the switch to renewable energy, the long-term positives seem to outweigh the negatives:

• Sustainable energy won’t deplete, giving the U.S. a sense of energy security
• The energy is free (once the equipment is paid for)
• Renewable energy is non-polluting (no carbon emissions), making it an environmentally friendly energy alternative
• Homes and buildings that have energy generation sources can become less dependent, decreasing their reliance on the national grid

“Renewable energy is not only important to commercial and residential customers to reduce overall energy expenses, but will also promote environmental responsibility by reducing carbon footprints,” said Angela Bethge, marketing manager of Advanced Green Technologies Inc.

Overall, the goal of the economic stimulus plan is to deploy the cheapest, cleanest, fastest energy source and achieve energy efficiency. Therefore, renewable energy policies will be integral to an aggressive economic stimulus package designed simultaneously to revive the American economy and accelerate the country's transition to cleaner energy. Beyond the stimulus package, President Obama and Congress must take further steps to advance a clean energy agenda for the future.

“The BIPV roofing industry will greatly benefit from the recent economic stimulus plan. The products are now more affordable with tax returns and incentives, making these environmental solutions more accessible, and contributing to the future of renewable energy,” said Rick Mowrey, president of EnergyPeak.