146 Energy Project Financing: Resources and Strategies for Success
THE ENERGY INDEPENDENCE AND
SECURITY ACT OF 2007 (H.R.6)The Energy Independence and Security Act of 2007 (H.R.6) was en-
acted into law December 19, 2007. Key provisions of the law are summa-
rized below.Title I Energy Security through
Improved Vehicle Fuel Economy- The Corporate Average Fuel Economy (CAFE) sets a target of 35
miles per gallon for the combined fleet of cars and light trucks by
2020. - The law establishes a loan guarantee program for advanced bat-
tery development, a grant program for plug-in hybrid vehicles,
incentives for purchasing heavy-duty hybrid vehicles for fleets,
and credits for various electric vehicles.
Title II Energy Security through
Increased Production of Biofuels- The law increases the Renewable Fuels Standard (RFS), which sets
annual requirements for the quantity of renewable fuels produced
and used in motor vehicles. RFS requires 9 billion gallons of re-
newable fuels in 2008, increasing to 36 billion gallons in 2022.
Title III Energy Savings Through
Improved Standards for Appliances and Lighting- The law establishes new efficiency standards for motors, external
power supplies, residential clothes washers, dishwashers, dehu-
midifiers, refrigerators, refrigerator freezers, and residential boil-
ers. - It contains a set of national standards for light bulbs. The first part
of the standard would increase energy efficiency of light bulbs 30%
and phase out most common types of incandescent light bulb by
2012-2014. - It requires the federal government to substitute energy efficient
lighting for incandescent bulbs.