President Biden readies $3 billion for solar panel installations

The Biden administration on Thursday said it has made a $3 billion conditional loan commitment to Sunnova Energy Corporation’s Project Hestia, to expand access to solar energy in disadvantaged communities. 

The money is for rooftop solar panel installations – as it part of what the administration calls its "Investing in America agenda."

Such efforts are largely being run through the Energy Department, which says solar energy is the key to "cut home electricity bills and reduce local pollution." 

Sunnova is one of the country's leaders in residential solar energy firms.

Under the terms of the deal, Sonova will allocate part of the money to homeowners who have a sub-average credit rating, the Wall Street Journal reports.

Sunnova CEO William Berger said the loan would “accelerate the adoption of solar and storage, decrease greenhouse gas emissions, and expand the availability of reliable, clean, and affordable energy to those communities who benefit the most from low-cost energy.” 

Also today, the DOE announced $82 million to ramp up “solar manufacturing and recycling.” The investment includes “$52 million for 19 selected projects… and $30 million in funding for technologies that will help integrate solar energy into the grid” through “research, development, and demonstration.”

Energy Secretary Jennifer Granholm on Thursday praising Biden for what she said was him “fueling a clean energy revolution” through “game-changing incentives for manufacturing and deployment.” 

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