SPWR - U.S. unveils plan to cut solar costs 60% by 2035

The Biden administration sets a goal to cut the cost of solar energy by 60% over the next decade, as part of its plan to decarbonize the U.S. power sector by 2035.The goal calls for reducing utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 and 2 cents by 2030.For the U.S. power grid to run entirely on clean energy within 15 years, solar energy will need to be installed as much as 5x faster than it is today, the U.S. Department of Energy says.To help achieve the new goal, the DoE commits to spend $128M on technologies including perovskite solar cells, which are considered a promising cheap alternative to silicon cells, as well as research on cadmium telluride and concentrating solar technologies.Part of the funding also will seek to extend the lifetime of existing photovoltaic solar plants by improving components such as inverters,

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U.S. unveils plan to cut solar costs 60% by 2035