President Obama announced this week more than a billion dollars in initiatives promoting clean energy.
The president’s Clean Power Plan permits the Department of Energy’s Loan Programs Office to guarantee up to $1 billion for commercial-scale distributed energy projects like rooftop solar, smart grid technology and methane capture for oil and gas wells.
Distributed energy technologies reduce greenhouse gas emissions while strengthening energy security and creating economic opportunity, but projects often encounter roadblocks when it comes to lenders who are unwilling to take on the risk of a new technology.
Additionally, the DOE is awarding $24 million through the Advanced Research Projects Agency – Energy for 11 high-performance solar power projects aimed at lowering the cost and improving the performance of solar photovoltaic power systems.
Through the Micro-scale Optimized Solar-cell Arrays with Integrated Concentration (MOSAIC) program, teams in seven states will develop new solar technologies that use less area but capture more sunlight, reducing the footprint of conventional solar panels.
“The announcements made today will help spur innovative clean energy technologies that will be central to the president’s Clean Power Plan and combat climate change,” said Ernest Moniz, United States Secretary of Energy. “The Clean Power Plan is a tremendous opportunity for American businesses to be global leaders in solar and distributed energy technologies. This will help shepherd in a new era of clean energy jobs and a low-carbon economy that will deliver affordable and reliable power to America’s homes and businesses.”