The concept of space-based solar power was introduced way back in 1968, but it’s only recently that the world has latched on to the idea. Japan is definitely getting in on the action with its latest spacey plan – a $21 billion solar-powered generator in the heavens to produce one gigawatt of energy, or enough to power 294,000 homes. The Japanese government announced the plan back in June, but there has been an important new development – Mitsubishi Electric Corp. and industrial design company IHI Corp. are now teaming up in the race to develop new technology within four years that can beam electricity back to Earth without the use of cables.

Mitsubishi and IHI are joining a research group containing 14 other countries to tackle the daunting task of getting Japan’s four square kilometer solar space station up and running in the next three decades. By 2015, the Japanese government hopes to test a small satellite decked out with solar panels that beams power through space and back to Earth.

via Inhabitat » Japan Plans $21 Billion Solar Space Post to Power 294,000 Homes.