Advanced Energy Jobs Stimulus Fund Explained
Authority and Intent
On June 12, 2008, Governor Ted Strickland signed a $1.57 billion bipartisan job stimulus package (HB 554) to create new jobs in the near term while laying the foundation for future economic prosperity.
This bond-funded program creates an Advanced Energy Job Stimulus Fund that is administered through a public process managed by the Ohio Air Quality Development Authority (OAQDA). The Program will award funds to a portfolio of advanced energy projects that serve to attract new investment to Ohio, build upon Ohio's manufacturing strength, advance energy technology development toward commercialization and prepare Ohio's workforce for the future.
HB 554 defines the projects eligible for OAQDA assistance to include advanced energy projects and advanced energy resources. Detailed definitions of eligible advanced energy projects and renewable energy resources may be found in ORC 3706.25 and 4928.621.
In order to fulfill its economic development mission, the Advanced Energy Fund is primarily targeted toward commercialization and production rather than research and development.
The $150 million advanced energy money (over three years) seeks to increase the development, production and use of advanced energy technologies in the state, and is divided in the following manner:
In addition, the legislation expanded the traditional financing and incentive programs of OAQDA to include advanced energy projects and advanced energy resources as defined above.