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On August 24 Vice President Joe Biden, left, unveiled a new analysis showing that the American Recovery and Reinvestment Act's $100 billion investment in innovation is helping accelerate significant advances in science and technology. According to "The Recovery Act: Transforming the American Economy through Innovation," the United States is now on track to achieve three major energy innovation breakthroughs thanks to Recovery Act investments:

1) cutting the cost of solar power in half by 2015;

2) reducing the cost of batteries for electric vehicles by 70% between 2009 and 2015; and

3) doubling U.S. renewable energy generation and renewable manufacturing capacity by 2012.

The report projects cost of the typical all-electric vehicle (EV) battery will shrink from the current $33,000 to $10,000 in 2015, while plug-in hybrid batteries will drop from $13,000 to $4,000 apiece. These cuts will make EVs and hybrids competitive with similar non-electric vehicles.

Additionally, the United States is poised to both double renewable energy generation and renewable manufacturing capacity by 2012, aided by more than $23 billion of Recovery Act investments. The Recovery Act strategy calls for the doubling of U.S. renewable energy manufacturing capacity from an annual output of 6 GW of renewable equipment (such as wind turbines or solar panels) to 12 GW by the end of 2011. (DOE)

DOE Press Release

White House Innovation Web Site

Full Report (PDF 1.3 MB)