The Alaska Energy Authority (AEA) is pleased to report that with the Governor’s approval of a Renewable Energy Fund (REF) Round 16 budget of $10.5 million in Senate Bill 187, five recommended projects have been funded in fiscal year 2025. AEA would like to thank the Legislature and Governor for their continued recognition of the REF Program’s efficacy in promoting the integration of renewable energy projects within the statewide energy portfolio, and its strong support of the REF program.
The REF benefits Alaskans by reducing and stabilizing energy costs through the development of renewable energy projects. The program is designed to produce cost-effective renewable energy for heat and power to benefit Alaskans statewide. The Alaska State Legislature established the REF in 2008. With the passage of House Bill 62 in 2023, the sunset date was removed from Alaska Statute, extending the program in perpetuity.
The REF is managed by AEA in coordination with a nine-member REF Advisory Committee. The program provides grant funding for the development of qualifying and competitively selected renewable energy projects. Since its inception 294 REF grants have been awarded and funded via legislative appropriations totaling $328 million. Over 100 operating projects have been built with REF contributions, displacing approximately 85 million gallons of diesel and approximately 2.2 million cubic feet of natural gas cumulatively through 2022.
In Rounds 13 through 16, a total of 62 projects were approved by the Legislature for an appropriation of $47 million. The State’s continued investment in renewable energy projects through the REF program reduces energy costs, creates jobs, utilizes local energy resources, keeps money in local economies, and fosters economic development.
AEA commissioned BW Research Partnership to conduct economic and environmental impact assessments of the REF program, including grantee and executive surveys. According to the report, the REF has been instrumental in advancing Alaska's renewable energy development. With ongoing investment in the program, the REF continues to support Alaska's transition to a clean energy economy and enables AEA to diversify Alaska's energy portfolio, increasing resiliency, reliability, and redundancy through the deployment of viable renewable energy sources. Click here to view the report.
Renewable Energy Fund Projects by Energy Region
Statutes are available here. Regulations are available here. For an up-to-date snapshot of AEA’s REF program activities, please see our downloadable Factsheet.
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