Solar, Sourcing Renewables - March 29, 2021
New Solar Initiatives & Technologies to Cut Costs for DOE Goal
The US Department of Energy announced a target to cut the cost of solar energy by 60% in the next ten years, along with nearly $128 billion in funding to lower costs, improve performance, and speed the deployment of solar energy technologies.
"In many parts of the country, solar is already cheaper than coal and other fossil fuels, and with more innovation, we can cut the cost again by more than half within the decade," said Secretary of Energy Jennifer M. Granholm in a statement. “This first burst of funding will help us add even more affordable clean energy to the grid, jobs to communities across the country, and will put us on the fast track toward President Biden’s goal of 100% clean electricity by 2035.”
The DOE is accelerating its utility-scale solar 2030 cost target by five years – setting a new goal of driving down the current cost of 4.6 cents per kilowatt-hour (kWh) to 3 cents/kWh by 2025 and 2 cents/kWh by 2030.
"To meet our bold zero emissions goals by 2035, we need to unleash major investment in solar energy and technologies,” said Senator Edward J. Markey. “I am excited to see the Biden-Harris Administration and the Department of Energy grant the Massachusetts Institute of Technology (MIT) this research and development funding today to help the Commonwealth scale up our clean energy deployment and innovation. This funding will be a bright spot for the Massachusetts clean energy economy and will help us lower costs, create jobs, and deploy more gigawatts of solar than ever before."