U.S. Committed to Solar Energy

U.S. government stimulus spending has put the country on track to double renewable energy production capacity by 2012 and halve solar power costs by 2015, Vice President Joseph Biden said on Tuesday.

President Barack Obama's stimulus spending poured $814 billion into the U.S. economy, including more than $100 billion for science, technology and innovation projects.

With Energy Secretary Steven Chu by his side, Biden unveiled a new White House report estimating the impact of the Recovery Act funding on American innovation in transportation, renewable energy, broadband, smart electrical grids and medical research.

Biden said the stimulus funding would lead to breakthroughs in many of those areas.

"The government plants the seeds. The private sector nourishes and makes it grow," Biden said. "And in the process, if we're as innovative as we've been in the past, we launch entire new industries."

The report outlined a goal of doubling renewable energy capacity from the 28.8 gigawatts of solar, wind and geothermal sources installed as of the end of 2008 to 57.6 GW by the end of 2011, which would be enough to power 16.7 million homes, or 55 million electric cars, for a year.

The manufacturing goal is to double the 2008 level of output of 6 GW of renewable equipment like wind turbines and solar panels to 12 GW at the end of 2011.

Solar power now accounts for less than 1 percent of U.S. electricity generation, while wind power produces almost 2 percent.