Green energy and eco-friendly solutions have been rapidly decreasing in cost of entry as technology behind them becomes more advanced. However, the barrier for entry when it comes to electric vehicles still remains rather high for most US citizens.

The Energy Department, in an effort to increase the rate of technological development in the field of fuel efficient vehicles, announced last week that they would be investing 55 million dollars in 24 different projects. The objective is to develop and deploy new vehicle technology that will bolster the US clean energy economy and cause it to evolve even faster.

This is part of the Obama Administration’s strategy to increase energy productivity/efficiency and lessen harmful emissions from vehicles. The goal is to make electric vehicles as affordable to own as fossil fuel vehicles by the year 2022. If this were to occur, it would greatly combat the current emission levels in the United States, especially in urban areas.

The goal of 2022 is known as the EV Everywhere Grand Challenge, and this investment will help further the cause of green, electric vehicles. The investment focuses on projects that are classified as either Critical Technologies or Fuel Efficiency Improvements in Passenger Vehicles and Commercial Trucks.

All of these projects will help accelerate the industry. It will be exciting to see what new technology is developed and how it is implemented. Soon Telsa might have a lot more competition in the electric vehicle market.