Biden Administration Invests Billions in Renewable Energy and Carbon Solutions
The Biden administration is providing a $3 billion partial loan guarantee for Sunnova's project to help target disadvantaged communities, so that those with lower credit scores can still access rooftop solar panels. The funding will also help achieve Biden's goal of a 100% clean electricity grid by 2035, and net-zero carbon emissions by 2050. The loan guarantee is conditional while Sunnova reaches various milestones, so it's not yet available for applications. Additionally, the Department of Energy unveiled a $52 million funding boost in solar projects in April, as well as $30 million for research and development across new solar technologies.