The US Department of Energy (DOE) has allocated more than $1bn to fund research and development of advanced clean energy technologies.

The loan guarantee from the DOE’s Loan Programs Office (LPO) forms part of the US Government’s Clean Power Plan, and is intended to support commercial-scale distributed energy projects including rooftop solar with storage and smart grid technology.

The DOE will also fund $24m, through the Advanced Research Projects Agency-Energy (ARPA-E), for the development of 11 high-performance solar power projects, to improve the performance of solar photovoltaic (PV) power systems.

US Department of Energy Secretary Ernest Moniz said: "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.

"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."

US President Barak Obama was quoted by Agence France-Presse as saying that green energy resources are a viable solution to combat climate change, which is "one of the most important issues not just of our time, but of any time."