The involvement in the
smart grid will no longer be dominated with just large utility corporations trying to dip their toes in the progressive electrical movement.
Now, according to reports, President Barack Obama will be announcing $3.4 billion in government grants set to help the smart grid movement.
In efforts to build a smart electrical grid that will give consumers less financial burden compared with average utility bills, reduce blackouts and carry solar and wind generated power supplies, the White House is making an incredibly large move into the smart grid infrastructure.
Carol Browner, President Obama’s top adviser on climate and energy issues, said that it’s fair to say that the current grid system is certainly outdated. It’s even dilapidated, she added.
“Not only do we need to make the current system bigger and add more watts, but we need to make it function better,” Browner said.
If finalized, the $3.4 billion government grant allotment would be the largest single day government funds award since the $787 billion stimulus package.
The government investment in the smart grid could solidify possibilities of it reaching the electric market sooner, rather than later. And, if the smart grid was deployed and proved as successful as investors and supporters of the movement make it out to be, tens of thousands of jobs would be created with the U.S. electrical grid upgrade.
Ranging from $400,000 to $200 million, over 100 companies including utilities and manufacturers, as well as cities in roughly 49 states, will receives bits and pieces of the $3.4 billion funding.
According to Browner, the grants will serve as more of a renovation, than an entire ground up new system.
The money will fund roughly 10 million
smart meters designed to increase manageability of
home energy use. Additionally more of the funds will be designated to 700 automated substations for the speed up of blackout restoration as well as 200,000 smart transformers for power unit replacements.
Companies awarded funds have also secured an additional $4.7 billion in private funding initiatives to match the government grants awards such as personal company funding plans. The combined figure makes for an $8.1 billion total smart grid investment.
According to White House officials, the funds will be in the companies’ hands within the next 60 days, with projects ranging from 12 to 26 month time frames.
One company that will receive some of the government’s funds is Constellation Energy’s Baltimore Gas and Electric Co. set to add $200 million to its $250 million smart grid private funds investments. Combines, this half a billion dollar bank account will be utilized to deploy its smart meter network for its 1.1 million residential customer base.
With the deployment, Baltimore Gas and Electric Co.’s will use the smart meters to view real-time electricity use, manage appliances and conserve energy.