The U.S. Department of Energy finalized $1.6 billion in loan guarantees to support the Ivanpah Solar Energy Generating System, three related utility-scale concentrated solar power plants. The Recovery Act funded project, sponsored by BrightSource Energy, Inc., will be located on federally-owned land in the Mojave Desert in southeastern California, near the Nevada border, and will be one of the world's largest concentrated solar power complexes.
DOE says through BrightSource Energy’s innovative and patented CSP technology, the power station will generate 392 MW, producing nearly 1 million MWH annually to support 85,000 households and reducing 640,000 tons of carbon emissions.
As the cost of solar power decreases, it is believed that if large solar systems produce power at a cost half as much as it costs now when installed in sunny places like Middle East, solar energy is affordable then to compete with and even replace fossil fuel. Many believe as the cost difference between solar energy and traditional coal energy narrows, solar industry will experience explosive growth in the next 2 to 3 years.
The loan guarantee will further strengthen the world’s perception of U.S. solar market, supporting more than 1000 job opportunities and building a firm foundation for the future renewable energy. Many American Academics believed the U.S. is lagging in the development of renewable energy. The project in Mojave Desert shows the government’s determination and dedication in the green energy field.