The Future of Renewable Energy
It feels like every time I open the paper, watch the news, or browse the headlines I see a different story about renewable energy: dropping costs, new wind farms, new solar projects, companies signing agreements to power factories through renewable energy, and more. Bottom line: wind and solar energy is low cost, local and supports our local economies, schools and services. So, what’s the future going to look like for renewable energy?
The good news is, from what I can tell, the future is bright. Morning Star Investment forecasts a 142% growth in renewable energy by 2030, and believes “renewables will continue to grow at a similar pace without tax credits and low gas prices.” The U.S. Energy Information Administration (EIA) predicts that use of renewables will grow because of a mix of state and federal polices, as well as consumer demands. With new technology for storage, increasing demand, and falling costs of generation, the growth we are seeing will just keep increasing.
“...renewables will continue to grow at a similar pace without tax credits and low gas prices.” - Morning Star Investment
And as Morning Star points out, we just need to look at what utilities are doing nationally to see where the industry is going:
NIPSCO’s parent company, NiSource, is planning for 65% renewable energy generation by 2028 and already has said it will save customers $4 billion dollars with recent renewable energy announcements …right here in Indiana!
Duke Energy has a goal of zero-emissions by 2050, with plans to add 700MW of solar in Florida, 500 MW in North Carolina, and procure another 1200MW nationally through wind and solar projects.
NextEra Energy, already the largest operator of wind in the country, will continue its growth, with 12 GW of signed renewable energy contracts in its backlog.
Dominion Energy is investing $8 billion in off-shore wind projects
Xcel Energy is planning for 60% renewable energy by 2030, up from 22% in 2018.
As we begin this new decade its clear renewable energy is on the rise. That means more local and affordable energy for consumers like you and me, increased revenue and economic prosperity for our towns, and long-term, guaranteed income for farmers and other landowners.
Make sure to check back next week as I highlight the future of renewable energy right here in Indiana.