In his annual budget address, Governor Phil Scott today proposed an investment of $7 million to spur grid optimization and transportation electrification.
The Governor’s proposals include a variety of incentives to support grid efficiency including: a new refundable research and development tax credit for local clean grid optimization businesses; property tax structure stability and certainty for storage and grid optimization projects; and elimination of the corporate income tax for existing and new grid optimization companies. Scott’s proposed budget would also create a $2 million seed capital fund to support grid optimization start-ups and $250,000 for new pilot projects such as utility controlled heat pumps or other electrical appliances to optimize local renewable generation and energy efficiency.
Olivia Campbell Andersen, Renewable Energy Vermont’s Executive Director attended the Governor’s address and expressed support for the benefits of these proposals will extend far beyond the individual consumers. “State investments to spur grid efficiency lower energy costs and help grow existing and new innovative businesses. Launching in Vermont and deploying climate and grid modernization solutions worldwide, the positive impact of growing our energy storage manufacturing, software, and energy control solutions businesses creates local jobs with tremendous local and global benefits,” she notes.
“Local renewables coupled with energy storage helps communities become more resilient in the face of more frequent catastrophic and costly weather events like the last year’s Halloween storm. Every Vermont community should be empowered to generate and store its own power locally – which is only possible if we modernize and improve efficiency of the grid. We look forward to working with the Governor and legislators to advance necessary climate budget and policy proposals,” added Campbell Andersen.
Additionally, the Governor’s budget included $3 million dollars for electric vehicle incentives and expanded charging infrastructure to cut Vermont’s transportation pollution and costs.
“The Governor’s proposal will help more Vermonters access electric vehicles, saving millions of dollars in transportation costs. For every $1 invested in EV incentives Vermonters save more than $3 on gas, car maintenance, and health bills,” said Campbell Andersen.
About Renewable Energy Vermont
Renewable Energy Vermont propels climate solutions and Vermont’s clean energy economy which directly enables more than 18,800 jobs at 3,612 businesses representing approximately 6% of Vermont’s workforce. Together, we will achieve 100% total renewable energy (electricity, heating, & transportation). Learn more at www.revermont.org.
Image: Paul Costello, Executive Directory at Vermont Council on Rural Development shown here with REV’s Executive Director, Olivia Campbell-Andersen, attending the Governor’s budget address.