Over $200 Million Dollars in Funding Made Available For Solar and Water Renewable Energy Projects

U.S. Department of Energy Secretary Steven Chu announced that the Department will make over $200 million dollars available over the next five years for solar and water energy projects. Last year’s American Recovery and Reinvestment Act granted the Department’s Office of Energy Efficiency $16.8 billion to invest in enhancing energy efficiency and renewable energy projects nationwide. The Department’s latest release of over $200 million is specifically designated to enhance the development, commercialization, and use of solar and water power technologies around the U.S.

Of the over $200 million, the majority of it — $165 million — is earmarked to assist solar photovoltaic manufacturing and supply-chain development projects that are close to completion. The DOE will make these funds available based on project proposals without requiring matching funds from the applicants.

The Department has also set aside $39 million dollars to support hydrokinetic technologies. These technologies convert into electricity energy from waves, currents, tides, and free-flowing rivers, or energy stored in ocean thermal gradients. In its selection process for hydrokinetic technologies, the Department will use “technology readiness levels” to measure, compare, evaluate and select the projects for hydrokinetic funding. Technology readiness levels assess materials, components, devices, and so on through reviewing the technology in stages, starting at the concept level and moving to field implementation. Unlike the solar funding, the hydrokinetic technology funding will match a portion of private investments.

All applications for these funds are due before June 7, 2010.