President Bush's budget proposal includes $1.2 billion for renewable energy sources, out of total request of $24.3 billion for the Department of Energy. That's a $60 million, or five percent increase, over last year's budget, according to Renewable Energy Access. And that jump has the emerging cleantech industry pretty happy.

"We applaud the Administration for continuing to support the President's Solar America Initiative (SAI) at robust funding levels. The Administration's FY 2008 budget request calls for $137 million in funding for the SAI, a major new R&D effort to achieve cost-competitive solar energy technologies across all market sectors by 2015," Rhone Resch, president of the Solar Energy Industries Association, said

But in a press release, Resch warned that the request also includes marginal amounts for several critical aspect of the industry.

At the same time, the administration's request funds solar water heating research at just $2 million and concentrating solar power at just $9 million. ... Moreover, the budget does not include a long-term extension of the Federal solar investment tax credits, which is the single most important policy affecting solar development."

The 2008 budget request also includes $2.7 billion for Bush's Advanced Energy Initiative, which is supposed to reduce U.S. dependence on foreign energy sources by promoting renewable energy technologies, such as biomass, hydrogen and solar, clean coal technologies, and nuclear energy technologies, through the Global Nuclear Energy Partnership.