Reasons for the rapid growth of renewable energy
Newell attributed this explosive growth to the rapid decline in the cost of renewable energy. The rate of decline far exceeded that of traditional energy technology, and even made some optimistic estimates on the speed of renewable energy deployment. The incentive policies of the US states have also played an important role. The regions with the fastest growth in the deployment of renewable energy are also those regions that have set ambitious targets for the development of renewable energy in the early stage.
Newell said that measures such as the introduction of a national carbon emission policy or renewable energy standards by next US government may prompt the deployment of more renewable energy.
He said: “This will make the cost of renewable energy much cheaper in some states,and more environmentally friendly.”
Wind power and solar power replace fossil fuel power generation as the source of most of the U.S. energy
Newell said that even if there is no change in policy, by 2030, the current use of renewable energy will allow wind power and solar power to replace fossil fuel power as the source of most of the US energy. Wood Mackenzie expects that renewable energy deployment will begin to grow steadily in 2033.
He said: “There is no doubt that all the growth momentum comes from renewable energy, and renewable energy dominates. However, solar power and wind power will still take some time to replace natural gas power generation.”