Cost reduction research is an important research category in engineering and management. Research funding agencies all over the world provide funds for research in this category. Industrial engineering departments in various universities and institutions have to specially focus on this category.
US Department of Energy (DOE) has announced $25 million for research and development projects to further advance the Concentrated Solar Power technology.
This investment will fund R&D projects to improve the performance and increase the efficiency of all components of CSP plants, ultimately lowering the cost of solar electricity and producing affordable, clean and renewable energy, even at night, by storing the heat generated by the sun.
Among the diverse projects receiving financial grants from the U.S. Energy Department's SunShot Initiative are a number of endeavors that will make the acquisition and construction of solar arrays easier and more efficient for both consumers and solar companies.
The $60 million in awards, announced on Tuesday, are part of the Department’s efforts to lower the overall costs of solar electricity, advance grid integration and support growing employment in the U.S. solar industry.