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Economic Development disburses $3.5M from P.R.’s Energy Policy Program

The Department of Economic Development and Commerce disbursed $3.5 million to pay bonds and part of the incentives previously granted by the Green Energy Fund under its Public Energy Policy Program.

“After several procedures with the Treasury Department, we began the disbursement of some $3,179,200 for incentives and other additional payments, which amount to $328,280 corresponding to the bonds, for a total of $3,507,480. Our work to identify more funds to pay off this debt continues,” said Economic Development and Commerce Secretary Manuel Laboy.

These payments respond to some $9 million in outstanding debt for the years between 2014 and 2016. The Green Energy Fund encourages consumers to adopt renewable energy alternatives in their homes or businesses.

He said aside from successfully paying out the money, a milestone was achieved in April with the approval of the new Energy Public Policy Act, which sets the parameters that will lead to a resilient, reliable and robust energy system, to transform the island’s electrical system.

The Energy Public Policy Program is responsible for administering and operating different programs, including the Green Energy Fund, the Weatherization Assistance Program, and the State Energy Program, with the goal of promoting energy efficiency and introducing renewable energy to the Puerto Rico grid.

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This story was written by our staff based on a press release.

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