TEMPE, AZ - President Barack Obama announced Tuesday that a $3.4 billion investment will be made in Smart Grid technology, the largest single Smart Grid modernization investment in U.S. history.
The money will fund a broad range of projects that will ease the nation's transition to a smarter, stronger, more efficient and reliable electric system.
The Tempe-based Salt River Project (SRP) was awarded a $56 million competitive grant to install smart grid technology that will help save money and fuel and ensure that electricity is moved efficiently throughout Arizona and the Western Region.
Congressman Harry Mitchell, who advocated on behalf of the competitive grant application, welcomed the news of the award.
"Smart grid technologies will provide consumers in Arizona real-time information on their energy usage they can use to help conserve energy and lower their bills," said Mitchell. "Additionally, improvements like these are important towards ensuring that Arizona and the West do not experience the type of cascading power failure that left 10 states and about 50 million people across the eastern portion of the country without power in August 2003."
SRP will use the $56,859,359 grant to expand its smart meter network, adding an additional 540,000 meters, a customer portal, and dynamic pricing that will provide consumers real-time information on energy usage and prices that they can use to reduce their energy bills.
SRP will also match the grant with a cost share to help leverage an even greater investment.
The $3.4 billion are part of the American Reinvestment and Recovery Act, and will be matched by industry funding for a total public-private investment worth over $8 billion.
