619 GW US Clean Energy Set to Boom

• Discover the future of clean energy in the US, from solar and offshore wind to energy storage, with the Inflation Reduction Act (IRA) extension and tax credits. BloombergNEF forecasts 619 GW of new energy by 2030. Explore the findings and the potential impact of federal reforms.

BloombergNEF has forecasted that 619 GW of new clean energy will be commissioned in the US between 2023 and 2030, with solar making up most of the increase. The Inflation Reduction Act (IRA) extension and expansion of tax credits will partly offset higher interest rates. Onshore wind installations will contract in 2023 but are expected to grow later in the decade. A 132 GW/460 GWh of energy storage is expected to be installed by 2030, and the transmission network could grow 9% with 380 GW of new capacity, depending on federal reforms.

How Will US Clean Energy Grow by 2030?

• BloombergNEF's forecast suggests that the majority of the 619GW of clean energy to be installed between 2023 and 2030 will be solar-based.
• Expansion and extension of the Inflation Reduction Act (IRA) alongside the extension of tax credits should help to offset the impact of higher interest rates.
• Onshore wind installations are expected to see a contraction in 2023 but growth in later years of the decade.
• Energy storage is expected to be a key part of the US clean energy growth with 132GW/460GWh of energy storage expected to be installed by 2030.
• The transmission network could see an increase of up to 9% with 380GW of new capacity, pending federal reforms.
• Recent research [1] suggests that investment in clean energy could create over one million new jobs in the US by 2030.
• The Biden Administration's commitment to a carbon-free power sector by 2035 may further increase US clean energy growth [2].

References:

[1] https://www.yale.edu/climate-communication/publication/clean-energy-investment-could-create-over-1-million-jobs-by-2030
[2] https://www.whitehouse.gov/briefing-room/statements-releases/2021/01/27/fact-sheet-the-biden-harris-administrations-bold-investment-in-american-manufacturing-to-spur-innovation-create-good-paying-jobs-combat-climate-change/