In an effort to boost marine energy and modernize hydroelectric power, the U.S. Department of Energy (DOE) announced $600 million in funding this week.
U.S. Secretary of Energy Jennifer M. Granholm touted the funds as a critical tool in combating climate change while improving water power technologies.
“Water power, the nation’s oldest source of renewable energy, is an integral tool to fight against climate change,” said Granholm, according to a DOE press release. “President Biden's Investing in America agenda provides historic funding that will expand and modernize water power technologies, ensuring a steady flow of reliable power to more Americans.”
Those interested in applying for hydroelectricity incentives can apply with the U.S. Department of Energy's Grid Deployment Office by first filing a letter of intent. The Grid Deployment Office will divide up the $553.6 million in funds for capital improvements that enhance grid resilience, dam safety and environmental improvement.
The additional $45 million will earmark $35 million for the development of a pilot tidal and/or current energy technology demonstration site. The remaining $10 million will spearhead community-based tidal and/or current energy planning and development projects.
"Hydropower currently provides 6% of all electricity in the United States and accounts for 32% of renewable-electricity generation, as well as 93% of all utility-scale energy storage. However, the fleet is aging with many facilities in need of repair and upgrades and less than 3% of the nation’s more than 90,000 dams currently produce power. Adding generation equipment to these sites could add up to 12 gigawatts of new hydropower capacity to the U.S. electric system—enough to power 4.8 million homes," the press release said.
The measure falls in line with President Biden's Investing in America initiative. The objective is to provide more renewable energy resources that will help mitigate environmental pollution while producing a dependable renewable electricity supply.
The initiatives are the DOE's biggest investments in both hydropower and marine energy. The Biden Administration seeks to achieve 100 percent clean electricity by 2035 and a net-zero-emissions economy by 2050.
The clean energy investments are also expected to create well-paying jobs and develop a clean-energy economy with the objective of fighting climate change and making communities more flexible with their energy demands, the press release said.
