Power generated from renewable sources of energy is setting new records in the U.S. and is expected to keep growing as wind and solar become the preferred options to replace coal power generation over natural gas.
Nearly a quarter of U.S. electricity demand was supplied by renewable sources in 2023 and just under 9% of total energy used came from green sources, according to a new report from BloombergNEF.
New solar power generation has helped to boost the volume of electricity created from renewable sources, with 42 gigawatts of renewable power generating capacity added to the U.S. grid last year, Bloomberg NEF said in a report out Wednesday. Similarly, 7.5 GW of battery storage was also added, a key enabler in helping integrate renewable energy to the grid.
Much of the boost in green energy generation has come from federal policy such as the Inflation Reduction Act and grants from the Energy Department and other bodies, said BNEF.
“The resiliency of sustainable energy sectors is clear and enduring,” said Lisa Jacobson, president of the Business Council for Sustainable Energy, a trade association based in Washington, D.C. “We know that the clean energy transition is already hard-wired into the U.S. economy, but recent federal policies have proven to be an important asset in accelerating technology deployment amid a turbulent market.”