A couple of weeks ago, we blogged about the development of Smart Grid technology which keeps track of and reduces energy consumption in homes. Smart Grid monitors peak energy consumption times and powers off appliances and other items powered by electricity during those times. Using electricity at peak hours is more expensive, so those who have Smart Grid technology installed in their homes should save money with it. Reducing energy consumption during peak hours also takes pressure off the grid, allowing more power from renewable sources to be used.

President Obama announced on Tuesday that the federal government has set aside $3.4 billion in Smart Grid Investment Grants through the American Reinvestment and Recovery Act of 2009. This money will facilitate the implementation of Smart Grid technology in parts of the U.S. where it is being tested, such as Wailea here on Maui.

Because Smart Grid technology is being implemented in Wailea, the largest resort community where it is currently being tested, Hawaii is expected to receive $5.3 million in funding for it. On a national level, the $3.4 billion will be matched by industry funding which should bring the number up to $8billion, according to the White House.

Smart Grid technologies are expected to reduce electricity use by over 4% nationwide, saving consumers $20.4 billion by 2030, according to an analysis conducted by the Electric Power Research Institute.

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