In today’s headlines, NEW YORK (CNNMoney.com) — Jeff Immelt, chairman and CEO of General Electric, said Monday much of the technology to make energy generation cleaner and more efficient is available now. The challenge, however, is deploying it and making it cheaper.
CNNMoney.com staff writer, Steve Hargreaves, reports from an industry meeting sponsored by the Edison Electric Institute, a utility trade group.
Immelt said GE is investing in a wide range of energy technologies. He specifically mentioned solar as one that has great potential.
The cost of solar power should fall from 30 cents a kilowatt hour today to under 15 cents “in a relatively short time,” he said. “That should open up a sweet spot for solar.”
By comparison, American consumers currently pay about 10 cents an hour on average for electricity, according to the Energy Information Administration.
The U.S. utility industry will likely be a recipient of clean technologies developed outside the U.S., Immelt added, whether it be cleaner coal processes fine-tuned in China or renewable technology pioneered in Europe.
But he encouraged the industry and U.S. government to take the lead in capping greenhouse gas emissions and developing clean sources of energy.
“The time to act is now,” he said. “When you lead in clean energy, you create jobs. This is a place the U.S. could lead.”