Outlook for Renewable Energy in America
Renewable energy has now become a technology of choice for many Americans, accounting for nearly 40% of all new, domestic power capacity installed in 2015.Presently, renewable power capacity exceeds 190 GW, biofuels are responsible for roughly 10% of our nation’s fuel supply, and renewable thermal energy systems heat and cool a growing number of homes, businesses, public buildings, and other structures throughout the country. The array of technologies are either fully or increasingly cost-competitive with conventional energy sources, and costs continue to fall,which is a good outcome. Per Bloomberg New Energy Finance, private sector investment in the U.S. clean energy sector surpassed $100 billion in 2012–2013, stimulating economic development while supporting hundreds of thousands of jobs.
The impressive growth of renewable energy over the past decade is a signal that, when certain, state and federal policies have worked. Further scale up requires evolving and cost effective policies that drive continued private-sector investment. By offering the following, high-level recommendations for growth:
• Building on the success of past and present policy efforts, reinvigorate effective policies to promote market certainty, stable growth, and align federal, state, and private initiatives.
• Increase access to greater amounts of cheaper and more liquid capital by extending to renewable energy innovative financing options that are successful in motivating capital formation in other sectors.
• Promote the expansion of all proven forms of renewable energy, whether centralized or distributed power generation, transportation fuels, thermal energy, or other technologies. America needs a diverse array of options to transform its energy sector to meet 21st century needs.
• Continue support of public and private research, development, demonstration, and deployment to fuel the next generation of renewable technologies.
• Build renewable energy in tandem with enabling technologies, such as energy storage, hydrogen fuel cells, waste heat, and smart grid technologies, to enhance system effectiveness.
A number of opportunities exist at the federal, state, and local levels for industry advancement and investment; however, they are not one-size-fit-all solutions for every renewable technology.
With the right policy mechanisms in
place, the potential of America’s clean energy economy extends beyond one fuel choice or pipeline, and provides the country with an unparalleled opportunity to reinvigorate our economy while protecting our environment. An America powered on renewable power, fuels, and thermal energy is a stronger, more secure, prosperous and cleaner America.
" The path towards sustainable energy sources will be long...
America cannot resist this transition.We must lead it ! " - Barack Obama