U.S. funds solar energy developments

WASHINGTON, Feb. 7 (UPI) -- The U.S. Department of Energy said it was investing $27 million in projects meant to make solar energy a cheaper and more efficient form of electricity.

U.S. Energy Secretary Steven Chu said in a statement that a so-called SunShot initiative would help drive down the cost of photovoltaic solar energy and make it more competitive.

"America is in a world race to produce cost-effective, quality photovoltaics," he said in a statement. "The SunShot initiative will spur American innovations to reduce the costs of solar energy and re-establish U.S. global leadership in this growing industry."

The initiative focuses on better installation, efficiency and design of solar cells and arrays that convert sunlight into usable energy, the Department of Energy said.

The funding for the solar energy projects would help drive down the cost by about 75 percent, which would make solar energy cost about 6 U.S. cents per kilowatt-hour.

The Energy Department has spent more than $1 billion on solar energy research in the past decade.