Renewables Revolution: US Green Energy Poised for 'Staggering' Growth, According To BloombergNEF Report

·3 min read

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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This article Renewables Revolution: US Green Energy Poised for 'Staggering' Growth, According To BloombergNEF Report originally appeared on Benzinga.com

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