California, long the national leader in clean energy policy, is poised to double down on its investments in the sector, with billions in new subsidies set to flow in over the next few years.

California voters last week directed some $2.5 billion to energy conservation programs with the approval of Proposition 39, which closes a corporate tax loophole, allocates about half of the new revenue to environmental goals for five years, and which passed with more than 60 percent of the vote.

In addition, the state this week will begin selling "carbon allowances" as it implements a cap-and-trade program to reduce greenhouse gasses. Revenues from those sales, which could reach $11 billion a year by 2020, will also be used for clean energy development.

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