DOE unveils USD 53m in R&D funds to cut the cost of solar power

Oct 23, 2014 - The US Department of Energy (DOE) will provide over USD 53 million (EUR 42m) in financing to back research and development (R&D) projects that have the potential to lower the cost of solar power.

In a press release on Wednesday, the DOE said the financing will be split between 40 projects with a focus on next generation photovoltaic (PV) solar technologies and advanced manufacturing processes. Other of the selected projects aim to reduce the hardware and non-hardware “soft” costs, related to permitting, grid connection and financing, among others.

More specifically, the government will grant over USD 14 million to projects by 10 research institutions seeking to enhance the performance, efficiency and durability of solar PV devices. These projects involve research on various leading-edge solutions that lead to the production of cheaper and more efficient solar cells.

Additionally, the DOE will allocate over USD 24 million to 10 US-based solar equipment makers to help them develop technologies that will lower costs and boost efficiency in manufacturing. The US arm of German solar equipment supplier SolarWorld AG (ETR:SWV) is getting USD 4 million, and Silevo Inc, recently acquired by SolarCity Corp (NASDAQ:SCTY), will receive nearly USD 5 million.

Last but not least, the DOE will pour more than USD 14 million in 20 projects by small businesses that will develop innovative technologies and services to drag down the hardware and non-hardware costs for solar systems. The list of companies to receive the biggest support includes residential solar firm Sunrun Inc, which will get USD 1.6 million to create a platform that will improve project development through automatic design, costing, simulation, proposal generation, pricing, permitting, and field change management.

(USD 1.0 = EUR 0.791)

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