Renewables, Solar, Wind

ARRA renewable funding

24 August 2010– The White House unveiled a new report, “The Recovery Act: Transforming the American Economy through Innovation,” which says that because of the Recovery Act’s $100 billion in investments, the U.S. is now on track to achieve four major innovation breakthroughs, including cutting the cost of solar power in half by 2015 and doubling U.S. renewable energy generation and manufacturing capacity by 2012.

Report estimates said that the cost of utility-scale solar power is expected to drop from $0.13/kWh in 2009 to $0.06/kWh in 2015, which would bring the cost of generating solar power down to the cost of electricity from the grid, according to the report. Recovery Act funds also help companies scale up manufacturing and deployment, both of which help to bring down costs of new technologies.

The report also said that more than $23 billion in ARRA investments will help contribute to doubling the generating capacity of wind, solar and geothermal energy from 28.8 GW as of 2008 to 57.6 GW by the end of 2011. It also includes doubling the manufacturing capacity from an annual output of 6 GW of equipment such as wind turbines and solar panels to 12 GW by the end of 2011.

This will also increase the U.S. share of global manufacturing of solar photovoltaic modules from 8 percent of all production to 14 percent by 2012.

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