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Obama Administration Supports Solar Energy, Google Continues to Invest in Solar

The Obama administration continues to support clean energy. In a recent decision, $250 million in federal loans will become available to companies interested in developing smart grids. Smart grids use complex algorithms to distribute electricity – typically to urban areas. The technology is helpful in doling out energy and diminishing energy loss. The Department of Energy is guaranteeing the $250 million in loans in hopes of attracting investors of alternative energy projects.

The Obama administration is also establishing a Renewable Energy Rapid Response Team. The team will identify and analyze the viability of transmission lines for renewable energy sources. Both of these initiatives set out to improve existing energy use, while promoting alternative forms of energy.

Google and the massive solar company, SolarCity are teaming together to promote solar energy systems for residents. Google has invested $280 million to help homeowners invest in solar energy panels, through SolarCity, with no upfront cost. In return, Google will charge SolarCity interest for the funds. This is the largest solar fund for private homeowners ever created. To date, Google has invested over $680 million in clean energy.

Solar stocks continue to rise as the demand for solar energy skyrockets. Not only has the tragic earthquake in Japan forced the country to look at alternative forms of energy, the nuclear energy crisis in Japan has forced countries like China and Italy to revaluate their energy consumption as well. Solar power was once thought to cost as much as traditional energy by the year 2017. Recently, that estimate has been changed, and solar power is expected to cost as much as traditional forms of energy by as early as 2012.