WASHINGTON, Oct. 2 (UPI) -- The U.S. Energy Department said it made $25 million in funding available for research and development of concentrated solar power technology.
Concentrated solar power uses mirrors to focus the sun's rays onto a transfer system in such a way that thermal energy is stored around the clock. The Energy Department said the funding would target research into improving the technology's efficiency.
"Investments to improve the efficiency and lower the costs of concentrating solar power technologies enhance our ability to deliver affordable solar-generated electricity to American families and businesses, while also moving us closer to achieving President Obama's goal of doubling renewable energy generation again by the end of the decade," Assistant Secretary for Energy Efficiency and Renewable Energy David Danielson said in a statement Wednesday.
A report released this week by the International Energy Agency said the United States is among the world leaders when it comes to solar technology.
IEA found that solar energy resources could combine to become the world's largest source of electricity by 2050, while at the same time offsetting more carbon dioxide emissions than the United State currently puts out.
"Stop-and-go policy cycles," however, may push some investors to the sidelines, the agency warned.
