President Barack Obama Oct. 27 announced during a speech at Florida Power and Light’s DeSoto Next Generation Solar Energy Center in Arcadia, Fla., that $3.4 billion in grants will go to updating the nation’s electric system.
The money will be doled out through Smart Grid Investment Grants as part of the American Recovery and Reinvestment Act and will be matched by industry funding for a total investment of more than $8 billion.
The goal is to establish a “smart” electrical grid that will provide customers and utilities with information on efficient energy use and ultimately cut energy costs for customers. According to Obama, the investment designed to create tens of thousands of jobs at 100 companies in 49 states.
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