A number of crucial TBED initiatives introduced earlier this year by North Dakota Gov. John Hoeven were recently enacted by the state legislature, including a $42 million renewable energy plan, $20 million in new funding for university-based Centers of Excellence, a 25 percent R&D tax credit, and additional investments in research and workforce development.
A comprehensive renewable energy plan aimed at supporting both state and national energy goals was created to help maximize use of the state’s renewable energy resources. The package also includes funding for programs that support the 25 x 25 Initiative, a nationwide goal that calls for 25 percent of the nation’s energy to come from renewable resources by the year 2025.
Funding for renewable energy investment programs and alternative energy development is central to the plan. This includes a new Biomass Energy Center to conduct research on biomass production and conversion; $5 million for the Biofuels PACE Fund, an interest buy-down program; and, $7.3 million for the governor’s Ethanol Production Incentive Fund, offering counter-cyclical support for ethanol plants.
The package also provides $7.9 million for alternative energy development programs, including $3 million in state funding to be leveraged with an additional $17 million from the U.S. Department of Energy for a Renewable Energy Fund. Additional components include: