​Reasons to be Thankful for the USA Renewable Energy Sector

During this season of giving thanks, let's take a moment to acknowledge the strides made by the USA renewable energy sector. Boasting a plethora of advancements and promising developments, there's certainly a lot to be thankful for.

The Historical Milestone

Firstly, let's acknowledge a significant historical milestone accomplished by New York State, which marked the first turbine installation at its inaugural offshore wind farm, South Fork Wind. This 130-megawatt project is set to be the first utility-scale wind farm in the US's federal waters once completed.

"An historic moment for a trailblazing project: The very first turbine at New York's first-ever offshore wind farm is now in place." - South Fork Wind

The project is a joint development by Danish energy giant Ørsted and Boston-based Eversource, and it promises to generate enough renewable energy to power 70,000 homes in Long Island.

Renewable Energy Policies

We should also be thankful for the Biden administration's steadfast commitment towards the development of the offshore wind energy industry. The Bureau of Ocean Energy Management (BOEM) has issued crucial approvals for the fifth and sixth large-scale offshore wind farms.

"Today’s approval of the sixth offshore wind project adds to the significant progress towards our administration’s clean energy goals." - Interior Secretary Deb Haaland

The administration has held four offshore wind lease auctions and approved six projects. These moves are steps towards the U.S. goal of 30 GW of offshore wind energy by 2030.

The Job Market Growth

An analysis conducted by Imperial College London researchers shows that the transition to net zero would result in consistent job growth. However, it also highlights the need for new policies in some states to ensure a 'just' transition.

The Solar Industry's Potential

The solar industry holds immense potential for electricity production in the U.S. Every hour and a half, enough sunlight reaches the earth’s surface to meet the world’s energy needs for an entire year. Despite this, renewable energy technologies in the U.S. harnessed only 0.2% of the total renewable energy potential available in 2020.

Solar Energy Usage

On a more current note, about 3.4% of the electricity generated in the U.S. is powered by solar energy, up from 2.8% in 2021. This growth shows the resilience of the renewable energy industry, despite facing supply chain bottlenecks, construction delays, and high prices for raw materials and commodities.

The Future of Solar Energy

The future of solar energy in the U.S. looks bright. Solar is set to account for 67% of the growth in renewable energy capacity in 2023. The Inflation Reduction Act (IRA), passed in August 2022, further incentivizes solar installations.

Experts expect to see a 40% increase in solar installations between 2023 and 2027 because of the IRA.

Solar Jobs

The solar industry in the U.S. has grown by more than 200 times over since the solar Investment Tax Credit (ITC) was introduced in 2006. As of 2022, the U.S. solar industry employs more than 346,000 employees who spend at least half their time on solar.

Renewable Energy Sources

Lastly, let's appreciate the vast renewable energy resources available in the U.S. We have enough renewable energy resources to generate 100 times the country’s electricity needs annually.

The Challenges

Despite the potential, the renewable energy sector is not without its challenges. Supply chain issues, logistical challenges, and political battles are some of the hurdles that the industry faces.

The Progress

Despite the challenges, the renewable energy sector has made significant progress. For instance, solar accounted for 15.9% of electricity generated by renewable sources in 2022, up from 13.5% in 2021.

The Investment

The renewable energy sector has added billions of dollars to the U.S. economy and has created hundreds of thousands of jobs. This contribution to the economy and employment is something to be thankful for.

The Bright Future

The future of the renewable energy sector in the U.S. looks bright. With favorable legislation and high demand for renewable energy sources, we can expect significant growth in the sector.

In conclusion, there are countless reasons to be thankful for the renewable energy sector in the U.S. From creating jobs to reducing our carbon footprint, the sector plays a crucial role in our lives. So, this Thanksgiving, let's give thanks for the renewable energy sector and the positive impact it has on our lives and our planet.