Today Governor Mike Dunleavy signed HB 62 into law, continuing the Renewable Energy Fund in perpetuity.
The Renewable Energy Fund program provides critical financial assistance in studying, developing, and integrating both proven and nascent renewable energy technologies across all regions of the state. The Alaska Legislature created the grant fund in 2008, and it was previously extended for 10 years in 2012.
HB 62 repeals any future sunset dates of the Renewable Energy Fund, unless future legislation is proposed and passed to abolish the program. Funding for grants is subject to legislative appropriation.
“The Renewable Energy Fund has a successful track record of increasing energy security for Alaskans, and I look forward to continued innovation benefiting Alaskans by providing more reliable and affordable energy,” said Governor Mike Dunleavy.
“To date, the renewable energy grant fund program has secured over $299 million in state funds, leveraging over $300 million in federal and local funds benefiting communities both big and small across the state,” said Rep. Bryce Edgemon.
All applications are subject to a robust competitive application process and vetted by an advisory committee, which includes private sector representatives as well as members of the legislature. The Renewable Energy Fund has proven instrumental in advancing the diversification of Alaska’s statewide energy portfolio.