US Energy Department will spend $59m to boost solar energy sector as a part of the country’s aim to double its renewable power generation by 2020.
Out of entire fund, $45m will be used to promote innovative solar manufacturing technologies in the market through the ‘Technology to Market funding opportunity’.
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Along with that, 15 new solar development projects will receive funds for over $14m, which will assist communities for developing multi-year solar deployment plans for solar power installations.
The projects, designed to serve households, businesses and communities, will involve either expansion of shared or community solar programs and local financing mechanisms or integration of solar power generation plans into communities’ emergency response initiatives.
According to the US Energy Department, the projects will be replicated in the future to turn solar deployment simpler, economical and less time-consuming.
Being a part of the Energy Department’s Clean Energy Manufacturing Initiative, the Technology to Market plan is expected to drive competitiveness and strong clean energy manufacturing sector in the country.
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By GlobalDataThe capital will be spent to increase solar power usage by businesses and communities. The initiative will offer cost-competitive options and assistance to overcome technical, regulatory, and financial glitches.
Energy Secretary Ernest Moniz said: "As President Obama noted in his State of the Union address, the US brings as much solar power online every three weeks as we did in all of 2008.
"As the price of solar continues to drop, the Energy Department is committed to supporting a robust domestic solar manufacturing sector that will help American business meet growing demand and help American families and businesses save money by making solar a cheaper and more accessible source of clean electricity."
US has already installed more than 17GW of solar energy, which is sufficient to power 3.5 million households based on the average use in the country.
