10 Feb

The Department of Energy’s Solar Financing Solutions

The Department of Energy (DOE) has announced the continuation of its SunShot Program, designed to contribute $59 million to the solar photovoltaic (PV) market over the coming years.

The SunShot program, originally released in February 2011 aims to help fund solar PV projects throughout the United States. The DOE’s goal of providing new technologies and solar financing solutions to the public is partially in response to the upcoming Investment Tax Credit (ITC) deadline at the end of 2016.

The need for solar financing solutions has encouraged the DOE to aim at reduced installation costs. The residential, commercial and utility-scale projects need to be priced at $1.50/W, $1.25/W and $1.00/W, respectively. The DOE also recommends that inverter prices be $0.10-$0.12/W, hardware be priced at $0.18-$0.19/W, and software be at most $0.22-$0.65/W.

The DOE hopes to help with many other aspects of the solar process from permitting and financing to interconnection and inspection. The DOE has also provided solar financing solutions in the form of three funding programs:

Incubator Program
This allows small start-ups to overcome barriers associated with funding, technology, and acquisition. To date, the DOW has provided over $127 million to small companies nationwide.

Solar Manufacturing Technology (SolarMat)
The DOE has provided $40 million as awards for innovative ideas such as silicon wafers, advanced cell and metallization processes, and module processing and packaging.

Scaling Up Nascent PV at Home (SUNPATH)
Designed to support the demand in the manufacturing industry for residential solar, the SUNPATH program has awarded over $34.6 million.

With these solar financing solutions from the DOE, solar energy is becoming more promising than ever.

Watch the video on the SunShot initiative:

To get a free quote from Clean Footprint and to find out how much you could save by going solar, click here.

Eliza Porter

Eliza Porter

Eliza is the Chief Learning Officer for Clean Footprint. As the Chief Learning Officer, she is responsible for writing and editing blogs, e-books, videos and white papers as well as other learning content created for Clean Footprint’s developer partners and clients. Eliza attended New York University in Paris, France and studied Global Liberal Studies before moving to Florida and joining the Clean Footprint team. She also studied Business and Entrepreneurship at the University of Central Florida.