President Obama has announced $467 million in funding from the American Reinvestment and Recovery Act for solar and geothermal research and development, supporting his initiative of a greener economy. Though aggressive it may seem, this is technically the President's first major down payment on his promise to put America at the head of the pack of emerging renewable technologies and energy sources.
Solar energy, perhaps the more difficult and certainly more expensive green venture, will receive $51.5 million to further develop photovoltaic technology, among other funding initiatives. The main obstacle with solar has generally been the cost of widespread development and deployment. Geothermal will also receive a hefty boost in its research and development funding, specifically $30 million toward a nationwide geothermal data system that would provide a more thorough assessment of country-wide geothermal potential and resources.
Official release from the Department of Energy: President Obama Announces Over $467 Million in Recovery Act Funding for Geothermal and Solar Energy Projects
Comments