U.S to invest $59 million in solar energy innovation

PHOTO CREDIT CNN

Obama government has revealed a plan to invest around $59 million in solar energy innovation, according to Energy Secretary Ernest Moniz.

The funds will be utilized for doubling the nation’s renewable energy generation for the second time by 2020.

Secretary Moniz said the new funding will help lower the cost of solar implementation and enable businesses to develop solutions for overcoming technical, regulatory, and financial challenges.

Besides, the Energy Department is arranging a funding of $45 million to invest in new solar manufacturing technologies to be launched immediately in the market.

In addition, the agency will award $14 million for 15 new projects to expand multi-year solar deployment plans in communities for installing solar electricity in homes, businesses, and communities.

PHOTO CREDIT CNN
PHOTO CREDIT CNN

The awardees include not-for-profits, utilities, industry associations and universities as well as state and local jurisdictions in California, Illinois, Minnesota, New York, Utah, Virginia, Vermont, Wisconsin and Washington, DC.

Meanwhile Secretary Julian Castro of the U.S. Department of Housing and Urban Development, HUD, and Governor Jerry Brown of California announced the expansion financing for energy efficiency and solar energy in multifamily housing.

It is estimated that improving the energy efficiency of multifamily housing units nationwide by 20 percent will save $7 billion in energy costs each year and cut 350 million tons of carbon pollution in a decade.

ALSO READ  Renewable energy outperforms natural gas in the U.S. in 2014

Governor Brown has further plans to launch a California Multifamily Property-Assessed Clean Energy (PACE) Pilot in partnership with the MacArthur Foundation.

The pilot program will enable PACE financing for an entire PACE projects that include some of the multifamily properties within HUD, the California Department of Housing and Community Development, and the California Housing Finance Agency’s portfolios.

Further, the Energy Department will work with the State of California to design as well as execute a study evaluating the performance of California’s PACE program.

These announcements have paved way for achieving President’s goal of installing 100 megawatts of renewable energy across federally subsidized housing by 2020.

Sabeena Wahid
editor@greentechlead.com