Vice President Joe Biden announced today that Indianapolis has been selected as one of 25 communities to receive up to $452 million in Recovery Act funding.
Indiana is set to receive $10 million under the Department of Energy's Retrofit Ramp-Up initiative to put toward energy efficiency building retrofits.
The Indianapolis Retrofit Ramp-up Project will create sustainable neighborhood scale energy efficiency pilot projects in Indianapolis and Lafayette, a press release from the White House said.
"The project will transform a 470 square block neighborhood in the heart of Indianapolis to a more energy efficient and economically sustainable community by retrofitting a diverse range of buildings in the region including residential, industrial and commercial units, schools and non profit organizations within a large neighborhood in Indianapolis," the press release said.
The projects will bring together communities, governments, private sector companies and non-profit organizations to implement pioneering programs for concentrated and broad based retrofits of neighborhoods and towns, the press release said.
The models created through the program are expected to save households and businesses about a $100 million annually in utility bills and is expected to create an estimated 30,000 jobs across the country in the next three years.
The 25 projects will leverage an estimated $2.8 billion from other sources over the next three years to retrofit hundreds of thousands of homes and businesses across the country, according to the press release.
The announcement kicked Biden's Five Days of Earth Day Activities.
"For forty years, Earth Day has focused on transforming the way we use energy and reducing our dependence on fossil fuel-but this year, because of the historic clean energy investments in the Recover Act, we're poised to make greater strides than ever in building a nationwide clean energy economy," he said in the press release. "This investment in some of the most innovative energy-efficiency projects across the country will not only help homeowners and businesses make cost-cutting retrofit improvements, but also create jobs right here in America."
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