President Obama Announces Overhaul of Nation's Electrical Grid

Following up on a promise he made during his first weekly address in January, President Obama announced Tuesday the largest energy grid modernization investment in U.S. history.

Speaking in Florida at a solar-to-electricity plant, the president pledged $3.4 billion in grants for "smart meters" and other technology that he said will make the country's power transmission system more efficient and adaptable to renewable energy sources.

The money is part of the $787 billion economic stimulus package, which Obama pledged would help take a big step toward creating a "clean-energy economy."

An upgraded grid could give consumers better control over electricity usage and costs, and spur development of wind and solar energy sources, according to The Washington Post. The president said improvements are long overdue because the current electrical grid runs on "century-old technology." He also stressed the increased security the new facilities will have.

The grants will go to 100 different utilities and businesses in cities across the country, which in turn will spend another $4.7 billion in private money on the so-called "smart grid." The White House hopes that will create tens of thousands of jobs for factory workers, installers, engineers and others.