SEIA - DEPARTMENT OF ENERGY EXPANDS LOAN GUARANTEE PROGRAM FOR STIMULATING SOLAR INDUSTRY GROWTH AND JOB CREATION

WASHINGTON, DC – Solar Energy Industries Association President and CEO Rhone Resch released the following statement today on the announcement of implementation guidelines for the U.S. Department of Energy (DOE) Loan Guarantee Program:

 

“We applaud Secretary Chu and the Department of Energy for expanding the loan guarantee program. Like every sector of the economy, the solar industry has suffered from a lack of project financing. The creation of the new loan guarantee program for ‘innovative technologies’ will help bring much needed capital to the solar market.While there is still much to do to expedite utility scale solar projects, today’s announcement is yet another sign of the Administration’s commitment to growing the solar industry.

 

“This program alone will create more than 15,000 new jobs in the solar energy industry in 2010, as long as the DOE can process the applications quickly. Through this program, we expect the solar industry to deploy more than 5 gigawatts of utility-scale solar power representing an investment in the U.S. economy of tens of billions of dollars.

 

“In the broader context, this is great news not only for the solar industry, but the economy in general.Programs such as this show that the economic stimulus package is working as intended, creating thousands of jobs in the new clean economy while deploying reliable, pollution-free solar energy in all 50 states.The solar industry is proving that we can reduce pollution AND create jobs in the U.S.”