DOE offering $467 million in funding for geothermal and solar power

Washington, D.C., May 27, 2009 – President Obama announced more than $467 million in funding opportunities from the American Reinvestment and Recovery Act to boost the development, deployment, and use of geothermal and solar energy in the U.S.

The funding represents a down payment that will help the solar and geothermal industries overcome technical barriers, demonstrate new technologies and provide support for clean energy jobs, according to a Department of Energy (DOE) press release.

“We have a choice. We can remain the world’s leading importer of oil, or we can become the world’s leading exporter of clean energy,” said President Obama. We can hand over the jobs of the future to our competitors, or we can confront what they have already recognized as the great opportunity of our time: the nation that leads the world in creating new sources of clean energy will be the nation that leads the 21st century global economy. That’s the nation I want America to be.”

The Recovery Act makes a $350 million investment in geothermal technology. The funding will support projects in four areas: geothermal demonstration projects; Enhanced Geothermal Systems (EGS) research and development; innovative exploration techniques; and a National Geothermal Data System, Resource Assessment and Classification System.

For solar energy, DOE is focused on supporting the U.S. industry’s scaling up of manufacturing, production and distribution so the technology can become cost competitive with conventional sources of energy. DOE will provide $117.6 million in funding to accelerate commercialization of solar energy technologies.

Investments will include: $51.5 million for photovoltaic technologies, $40.5 million in solar energy deployment and $25.6 million for concentrating solar power research and development.

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