Financing of the Toyota and Tesla loan program has been approved by the Senate Finance Committee, which is set to take up the measure later this week.
The $7.5 billion loan will be used for three phases of capital expenditures and to build the Tesla Energy Storage (ETS) battery plant in Nevada.
The loan will also provide support to other utilities and energy companies.
The loan is the largest of its kind in the world, according to the US Department of Energy.
In addition to the financing, the House Energy and Commerce Committee approved $500 million for the Energy Security Initiative, a national initiative to strengthen the electric grid.
The fund will go toward improving electric reliability, grid stability, and other important issues that impact consumers and the economy, according the White House.
The Energy Security initiative was developed in partnership with the American Electric Power Association, the U.S. Department of Commerce and other federal agencies.
The House Energy Committee also approved a $1.5 million loan to help businesses and consumers buy renewable energy.
The money is intended to help companies such as SunPower, NRG Energy and Sungevity purchase energy-efficient lighting systems.
The committee also approved $750 million for research and development for advanced solar and wind technologies, and $1 billion for research into alternative fuel technologies.