Solar Funding Expansion in the US
Solar energy technology is improving and the cost of investing in solar energy is decreasing. As a result, the demand for solar energy on a commercial and residential level has skyrocketed in the last few years. Consumers, the United States government, and many large corporations are recognizing the growing trend for alternative energy. The result is a massive move towards funding solar energy. Recently, several notable funds have been made available to large solar energy companies that will help expand the production of photovoltaic systems and solar panels, as well as support the research and development of alternative energy.
In June, ClearEdge Power won the Pacific Northwest National Laboratory grant worth $2.8 million that will assist in getting their fuel cells to the public quicker. The fuel cells will hopefully lower carbon monoxide emissions and avoid emissions of other harmful compounds such as ash. The grant was part of the US Department of Energy’s Fuel Cell Technologies Program created to support fuel cell technology. The money granted to ClearEdge will fund up to 50 percent of the project’s total cost.
A renewable energy fund called CleanPath Ventures will invest $800 million over five years in the development of large scaled solar projects. The fund will hopefully bring over 1,000 megawatts of solar energy to the United States. The fund will bring financial backing as well as solar expertise to monumental photovoltaic projects across the US. Projects funded through CleanPath Ventures will range in size from 5-100 megawatts and will use photovoltaic technology exclusively.
Google has been making headlines for the company’s massive investments in solar energy. After granting a fund worth $280 million to the solar company, SolarCity, the largest investment of its kind, Google recently invested a generous $168 million to the Mojave Desert Solar Energy Project. Google’s deep rooted commitment to the expansion of support of solar energy is evidenced through their monetary contributions, as well as on their website. At Google.com/green visitors can find information regarding traditional and alternative forms of energy, as well as recent news regarding the growth of more sustainable forms of energy. In fact, earlier today Google announced an expansion in funding for the Alta Wind Energy Center.
The US Department of Energy is also doing its part to support the growth of solar energy. The government recently handed out $2 billion in funding for two separate solar thermal projects. The Mojave Solar Project and NextEra Energy Resources have both received loan guarantees from the US Department of Energy to expand their respective solar thermal projects.
This is the tip of the iceberg regarding solar energy investments. Companies and government entities across the US understand the growth of solar energy, and value it brings to the economy, as well as to the lives of individuals. With the popularity of solar energy increasing and the financial support of alternative energy expanding there is no limit to the reach of solar energy.