U.S. Solar Power:

U.S. tries to cut costs, regain edge

Carolyn Kaster / AP: Energy Secretary Steven Chu (left) and President Obama tour an energy lab at Penn State University in State College, Pa.

February 5, 2011 - Seizing on what President Obama called this generation's "Sputnik moment," the federal government has begun an effort to slash the cost of solar power by 75 percent and reclaim America's lead in the fast-growing global industry.

The effort, called SunShot, aims to make photovoltaic solar power as inexpensive as electricity from plants burning fossil fuels by the end of the decade.

Energy Secretary Steven Chu said Friday the U.S. government would refocus its existing solar programs, which costs about $200 million a year. He also announced $27 million in new funding for companies exploring new solar technologies, including three in the Bay Area. {continued}