Washington, D.C. – U.S. Senator Russ Feingold announced today that the Department of Treasury has given the green light for states to begin issuing bonds authorized in the American Recovery and Reinvestment Act (ARRA), also known as the economic stimulus bill, to finance renewable energy and energy efficiency projects and create green jobs.  Wisconsin can issue $58 million in Qualified Energy Conservation Bonds (QECB) to private investors for energy efficiency and renewable energy projects.  Investors receive federal tax credits in return.  During Senate consideration of the ARRA, Feingold successfully expanded eligibility for the QECB program to projects in privately owned buildings, helping more homeowners and business owners afford the costs of going green through energy efficiency and conservation upgrades.  These projects include heat-saving measures like insulation, electricity-saving measures like lighting and appliances, and water-saving measures like low-flow shower heads and toilets.  Feingold’s efforts could help energy efficiency projects across the country, including Milwaukee’s proposed Me2 program, to create green-collar jobs installing energy efficiency upgrades in buildings.

“This new program will help energy efficiency projects in Wisconsin get off the ground, while creating jobs and addressing our urgent energy needs,” Feingold said. “I’ve heard from business and labor leaders and others in Wisconsin about the tremendous potential for energy efficiency retrofits to generate more green-collar jobs so I am pleased I was able to help expand the kinds of projects eligible for the QECB program.”  

Feingold’s effort helps states and local governments reduce financial barriers for homeowners and businesses wanting to make energy efficiency upgrades.  For example, "on-bill" financing can be used to allow for repayments through utility bills, which reduces the upfront costs and significant monthly payments that often prevent homeowners and businesses from making energy efficiency upgrades. 

The Feingold-authored provision in the stimulus was based on his Community Revitalization Energy Conservation Act, which is part of his E4 initiative to fuel job creation in Wisconsin.  During Senate debate over the economic stimulus, Feingold also strongly supported a successful effort to quadruple the amount of bond allocations for the QECB program, bringing it to $3.2 billion nationally.  The QECB program was created in 2008.  Feingold’s effort was endorsed by Milwaukee Mayor Tom Barrett; Joel Rogers, Director of the Center on Wisconsin Strategy at the University of Wisconsin-Madison; Air Conditioning Contractors of America; American Council for an Energy Efficient Economy; Apollo Alliance; National Electrical Contractors Association; National SAVE Energy Coalition; Alliance for Water Efficiency; and the Plumbing-Heating-Cooling Contractors-National Association.