The Tonight, Tonight singer, 49, announced the new project, which will see him "wander the America for Thirty Days" with "no destination" in mind, on Facebook.
Tentatiively titled Thirty Days, the road trip will see him film interviews with ordinary people and create new music.
"There will be new musical pieces, interviews with people, and we're gonna try to document this journey and try to come up with some sort of collective vision," he said in the Facebook video.
Unlike a similar project he undertook last year (16), in which he filmed a documentary on his travels on America's famous Route 66 Highway, Billy is planning to put up new interview and music clips live on the internet every day.
While on the road he plans to work on three music projects, a collection of 50 of the favourite songs he has penned during his career to celebrate his 50th birthday in March (17), recording a covers album, and writing songs for a new solo record he has been working on with super-producer Rick Rubin.
On where his travels might take him he said, "Last time I kinda just took Route 66 and headed west. This time we're really gonna go all over... I think we'll probably go to the (North and South) Carolinas at some point, maybe down to Louisiana, across Texas... visit some of my conspiratorial friends."
He also asked fans to give him regular feedback on the project and suggest destinations or people to visit.