U.S. on track to double renewables: Biden

WASHINGTON, D.C. - Government stimulus spending has put the country on track to double renewable energy production capacity by 2012 and halve solar power costs by 2015, Vice President Joseph Biden said.

President Barack Obama's stimulus spending poured $814 billion into the U.S. economy, including more than $100 billion for science, technology and innovation projects.

With Energy Secretary Steven Chu by his side, Biden unveiled a new White House report estimating the impact of the Recovery Act funding on American innovation in transportation, renewable energy, broadband, smart electrical grids and medical research.

Biden said the stimulus funding would lead to breakthroughs in many of those areas.

"The government plants the seeds. The private sector nourishes and makes it grow," Biden said. "And in the process, if we're as innovative as we've been in the past, we launch entire new industries."

The report outlined a goal of doubling renewable energy capacity from the 28.8 gigawatts of solar, wind and geothermal sources installed as of the end of 2008 to 57.6 GW by the end of 2011, which would be enough to power 16.7 million homes, or 55 million electric cars, for a year.

The manufacturing goal is to double the 2008 level of output of 6 GW of renewable equipment like wind turbines and solar panels to 12 GW at the end of 2011.

Solar power now accounts for less than 1 percent of U.S. electricity generation, while wind power produces almost 2 percent.

The cost of solar power is expected to be on par with common grid electricity by 2015, while the cost of electric car batteries is expected to fall by 70 percent between 2009 and 2015 and be competitive with common car batteries.

In May, the nonpartisan Congressional Budget Office reported that the U.S. stimulus money put up to 2.8 million people to work and raised U.S. gross domestic product by up to 4.2 percent, but predicted the impact would taper off in 2011 and 2012, after peaking later this year.

Related News

Some in Tennessee could be without power for weeks after strong storms hit

NASHVILLE - Some middle Tennessee residents could be without electricity for up to two weeks after strong thunderstorms swept through the area Sunday, knocking out power for more than 100,000 customers.

"Straight line winds as high as 60-80 miles per hour knocked down trees, power lines and power polls, interrupting power to 130,000 of our 400,000+ customers," Nashville Electric said in a statement Monday. The utility said the outage was one of the largest on record.

"Restoration times will depend on individual circumstances. In some cases, power could be out for a week or two" as challenges related to coronavirus complicated crews'…

READ MORE
electricity pylon

Solar changing shape of electricity prices in Northern Europe

READ MORE

US nuclear innovation act

US nuclear innovation act becomes law

READ MORE

U.S. power companies face supply-chain crisis this summer

READ MORE

ontario hydro

Ontario will not renew electricity deal with Quebec

READ MORE