Wind and Solar: Predicted to be the Fastest Growing Sources of Electricity Over the Next Two Years
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The U.S. has been making substantial strides towards renewable energy goals recent years by pushing out fossil fuels and replacing them with renewable energy. In fact, The U.S. Department of Energy’s Energy Information Administration is predicting that wind and solar will grow 10-17% over the next two years. If these predictions are accurate, wind and solar will be the fastest growing sources of electricity over the next two years.
Wind Is Winning In Renewable Energy
Since it was discovered in 1919, wind energy has come a long way. One major improvement is affordability. The share of total U.S. generation from wind is projected to increase from 7% in 2018 to 9% in 2020, making wind the largest source of renewable energy in the nation. Currently, there is utility-scale wind power installed in 41 states. In 2019, about 11 GW (gigawatts), or 1 billion watts, of wind capacity are scheduled to come online, which is the largest amount of new wind capacity that has been installed since 2012.
Solar Continues To Soar
As prices continue to fall, solar is becoming a cost-effective energy choice for homeowners and business owners alike. It is the most abundant energy source on earth, and it has become the third-largest renewable energy source in the U.S. power sector. In addition, the installation of solar power across the U.S. has increased more than 23 times over the past eight years. In 2019, utility scale power installations are projected at 4 GWac (gigawatt alternating current). Over the next two years, it is projected that almost 9 GWac solar will be installed across the nation.
Investing In A Renewable Energy Future
Renewable energy could possibly exceed coal electricity by 2022. The EIA predicts that coal will begin to fall by 24%. When adding together renewable energy sources that will be used in the U.S., it’s predicted that the U.S. will get 38% of its electricity from clean energy sources in 2020. This is a great step as renewable energy looks to continue to gain ground on fossil fuels.
Interested in investing in a solar power project, but not sure how to find opportunities? As a Distributed Energy System developer, Intersect Energy has the expertise and services you need to find solar power opportunities and capital. Contact us today so we can help you get started with your solar power investment and make sure you keep up with the latest news in the world of renewable energy by following us on LinkedIn!