Geothermal and solar energy projects will be getting a financial boost from the American Reinvestment and Recovery Act.

President Obama announced that more than $467 million will be devoted to speeding the development of these technologies, which will support green jobs and provide low-carbon energy for decades.

“We have a choice. We can remain the world’s leading importer of oil, or we can become the world’s leading exporter of clean energy,” said President Obama in an Energy Department news release on Wednesday. “We can hand over the jobs of the future to our competitors, or we can confront what they have already recognized as the great opportunity of our time: the nation that leads the world in creating new sources of clean energy will be the nation that leads the 21st century global economy. That’s the nation I want America to be.”

Added Energy Secretary Steven Chu: “These technologies represent two pieces of a broad energy portfolio that will help us aggressively fight climate change and renew our position as a global leader in clean energy jobs.”

The Recovery Act will support:

• $350 million for geothermal development in four areas: geothermal demonstration projects; Enhanced Geothermal Systems (EGS) research and development; innovative exploration techniques; and a National Geothermal Data System, Resource Assessment and Classification System. These projects are designed to increase the use of geothermal heat, which, unlike wind and solar, can provide a continuous source of energy, helping electricity providers maintain their “base load,” or minimum requirments. Some of the demonstration projects will tap geothermal power from oil and natural gas fields; exploration will include projects in areas not typically associated with high geothermal potential.
• $117.6 million to “accelerate widespread commercialization of clean solar energy” by partnering with governments, universities and private sector projects to advance solar voltaic solar power and large solar concentrator capabilities.

For more information, see the U.S. Department of Energy’s Recovery And Reinvestment Act page on Funding Opportunities.