Solar power continues along its firmly established downward cost curve and edges ever closer to achieving the historic milestone of grid parity. Today it just got a huge boost that will help it scale out in this country and will go a long way towards tipping the long term balance in favor of solar. In fact as the industry achieves scale it is cutting per unit costs down. This post outlines the announcement of a large DOE initiative to promote rooftop direct grid connected solar power in the US.
U.S. Energy Secretary Steven Chu announced in Washington that the Department of Energy (DOE) will provide up to $750 million in new funding from the American Recovery and Reinvestment Act to help accelerate the development of renewable energy generation projects. This funding will be targeted to cover the cost of loan guarantees for renewable energy projects and could support as much as $4 to 8 billion in lending to eligible projects, and the Department will invite private sector participation to accelerate the financing of these renewable energy projects.