U.S. Department of Energy to invest more in solar power

U.S. Energy Secretary Steven Chu announced the U.S. Energy Department will invest $60 million in solar power over the next three years in an effort to advance the technology.

The investment will be part of the U.S. government program the SunShot Initiative. This program aims to reduce the cost of solar power. The funding from this forthcoming round of investment could go to about two dozen projects in the private solar power sector.

"Our nation is in a global race to produce cost-competitive renewable energy that can create manufacturing jobs, cut our reliance on fossil fuels and reduce carbon emissions," Chu said in a statement. “The funding announced today through the SunShot Initiative will help unleash the vast potential of solar energy to diversify our energy portfolio, create clean energy jobs, and re-establish U.S. global leadership in this fast growing industry.”

In a New York Times story, Edward Fenster, CEO of SunRun, a San Francisco company that leases solar power installations to homeowners, said the extension of a stimulus package federal grant program would help his business grow 50 percent faster. Even after this grant program expires, the news source said there will be 30 percent federal investment tax credits in place through 2016.

Author: Danny Vo

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Posted in: Solar Policy

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