Renewable power will continue to grow over the next couple of years as utilities add more solar and wind power.
The U.S. Energy Information Administration predicts that renewable energy will account for a larger share of the nation’s electricity over time. Renewable power’s share is expected to grow from roughly 20% of our power now to 24% by 2023.
This year is expected to be the first one where more new solar power projects are added than wind power, although both will continue to grow.
Utilities are expected to add 21 gigawatts of solar power capacity in 2022 and another 25 gigawatts in 2023. And another five gigawatts of small-scale solar power capacity is expected to be added this year as more homeowners invest in solar panels.
That compares to an expected 7-gigawatt increase in wind power this year followed by another four gigawatts of wind power in 2023.
Tax credits continue to boost demand for both solar and wind projects.
Two new nuclear reactors opening soon in Georgia will maintain nuclear’s share at 21%.