The US Department of Energy has announced three funding opportunities worth more than $28m to advance and preserve hydropower.
Funded through President Biden’s Bipartisan Infrastructure Law, this funding will support the expansion of low-impact hydropower (such as retrofits for dams that do not produce power) and pumped storage hydropower, the development of new pumped storage hydropower facilities, and engagement with key voices on issues like hydropower fleet modernisation, sustainability, and environmental impacts.
The Inflation Reduction Act also includes a standalone tax credit for energy storage, which will further enhance the economic attractiveness of pumped storage hydropower.
Hydropower will be a key clean energy source in transitioning away from fossil fuels and meeting Biden’s goals of 100% carbon pollution free electricity by 2035 and a net-zero carbon economy by 2050.
“Hydropower has long provided Americans with significant, reliable energy, which will now play a crucial role in achieving energy independence and protecting the climate,” said US Secretary of Energy Jennifer Granholm.
“President Biden’s Agenda is funding critical innovations to capitalise on the promise of hydropower and ensure communities have a say in building America’s clean energy future.”