LONDON, UK – Renewable energy is set for an unprecedented boom in the United States in the wake of its first ever climate bill, with the capacity of solar and wind projects expected to double by the end of the decade and providing the bulk of total American electricity supply, new analysis has shown.
The passage of the legislation, known as the Inflation Reduction Act, will help propel the US towards the forefront of the clean energy economy, experts predict, helping it compete with China on the manufacturing and installation of solar panels, wind turbines, batteries and emerging zero carbon technology.
The tax credits contained in the bill’s $370 billion of climate spending should help double the capacity of installed wind and solar by 2030, according to an updated analysis by the research firm Energy Innovation. This extra resource could enable clean electricity to provide anything from 72 percent to 85 percent of total US supply by this time, flowing from 795 to 1,053 gigawatts of cumulative solar and wind capacity.
About $180bn in extra capital investment in renewables could be spent by 2030, according to Energy Innovation. A separate research group, Rystad Energy, has forecast even more will be funneled into the sector – about $270bn – leading to hundreds of thousands of new jobs. “The Inflation Reduction Act is a game changer for the US wind and solar industry,” said Marcelo Ortega, renewables analyst at Rystad.
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