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Renewables Revolution: US Green Energy Poised for
'Staggering' Growth, According To BloombergNEF Report
May 15, 2023
By
Jeannine Mancini
The U.S. clean energy sector is set to deliver a record-breaking 600
gigawatts (GW) of solar, wind and energy storage capacity by the end
of the decade, according to BloombergNEF’s latest
Clean Energy Market Outlook. The report notes that the White House’s
Inflation Reduction Act has played a key role in propelling the
country toward “staggering” renewable energy growth.
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The forecast predicts that 358 GW of new solar capacity will be
deployed between 2023 and 2030, almost tripling the current installed
capacity. Meanwhile, wind power capacity is expected to increase by
137 GW, nearly doubling total capacity compared to 2022 levels. The
report also expects 111 GW of new battery storage capacity to be
deployed by 2030, marking a nine-fold increase in current capacity.
As the U.S. clean energy market gears up for a massive surge in
battery storage capacity, innovative companies like Qnetic and
other startups will play a critical role in driving down costs and
unleashing the full potential of sustainable power. Qnetic’s
cutting-edge energy storage technology promises to provide low-cost,
scalable solutions for clean energy developers across the country,
helping to meet the growing demand for reliable, affordable energy
storage. The startup even recently launched on Wefunder, which means anyone
can invest for a limited time.
The report also highlights the need for significant regulatory and
permitting reforms to overcome structural constraints and meet
net-zero targets. The $83 billion allocated toward grid investment
through 2030 falls short of the $255 billion investment required to
align with these targets.
Against this backdrop, more than 40 clean energy organizations,
environmental groups and developers have called on Congress to fund
high-capacity transmission deployment and research through the U.S.
Department of Energy’s budget. The coalition emphasizes the need for
additional electric transmission infrastructure to support clean
energy deployment, private investment, job creation and emissions
reduction.
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The urgency of this issue is further highlighted by Google’s
announcement of a new partnership with EDP Renewables North America to
deliver over 80 distributed solar photovoltaic projects, totaling 500
megawatts of new capacity. The deal is said to be the largest
corporate sponsorship of distributed solar development in the U.S.,
according to data from S&P Global and BloombergNEF.
Surging Green Energy Stocks
Green energy has been getting considerable support from the U.S.
government and Biden administration. The Biden Administration passed
the Inflation Reduction Act was a $1.2 trillion bill and has since
allocated hundreds of millions more to the space. This is causing
certain companies like First Solar
Inc. (NASDAQ:FSLR)
to rally over 215% in the past ten months. The company is up over 24%
today after an announcement to acquire another solar company. While
currently on the decline, Enphase
Energy Inc. (NASDAQ:ENPH)
is still up over 3,000% in the last five years, largely due to
increased government subsidies in the space. Famous electric car
maker Tesla Inc.‘s early
success is largely attributed to government subsidies on electric
vehicles.
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www.exactrix.com
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exactrix@exactrix.com
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