US President Barack Obama has announced over $1bn of investments in Department of Energy (DOE) initiatives to advance the cause of new clean energy technologies.
The DOE’s Loan Programs Office will provide up to $1bn of loan guarantees for promoting commercial-scale distributed energy projects like rooftop solar equipment with storage and smart grid technology.
The department will also award $24m in funds to support the development of 11 solar power initiatives as part of the Advanced Research Projects Agency.
The solar projects are intended at reducing the cost and enhancing the efficiency of solar photovoltaic (PV) power platforms.
The other initiatives unveiled by the government include approving a transmission line that will support bringing online a 485MW PV facility that will be built in Riverside County
After completion, the PV plant will generate enough renewable energy to power over 145,000 households.
An interagency task force will promote a clean energy future and the new initiatives will help states meet the targets in the Clean Power Plan announced earlier this month.
US DOE 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."
Image: US DOE Secretary Ernest Moniz. Photo: courtesy of the US Department of Energy.