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Renewable Energy to reach 44% of US energy sources by 2050

Renewable Energy Projected to Reach 44% of US Energy by 2050

January 12, 2023 By In News No Comments

It is projected that renewable energy will reach up to 44 percent of the US energy mix by 2050, according to the Energy Information Administration. With electric vehicles and other green initiatives gaining popularity in recent years, this forecasted number is an extremely promising sign for the environment. As demand for clean energy increases, many sources of renewable energy – including solar, hydroelectricity, and wind power – are now more accessible than ever before. Although overall power consumption has increased, this surge in availability is expected to assist with climate change mitigation efforts over the next three decades and put us one step closer to a more sustainable future through more widespread use of green technology.

The US could reach 25% of its energy from renewables by 2023

The rise of commercial solar in the US has brought increased opportunity for sustainability and clean energy solutions. The Department of Energy projected that by 2023, renewable sources such as commercial solar systems could produce 25% of the nation’s entire energy supply. This ambitious goal highlights the desire to reduce carbon emissions and develop local green infrastructure. With this commitment towards clean energy, commercial solar promises a reliable and efficient avenue for achieving environmental goals.

Renewable energy provided 21% of the country’s total in 2020

To give context to this rapid growth, in 2020, only 21% of the country’s total energy production was supplied by renewable energy sources. Power sources, such as commercial solar power has become increasingly efficient and cost-effective since its introduction in the late 1970s. With cutting-edge technology now available to homeowners and businesses alike, many are beginning to recognize the huge potential for reducing our reliance on fossil fuels and protecting our environment from their harmful emissions.

Continued growth in solar and wind power

The energy sector is undergoing an incredible transformation, driven by a noticeable preference toward renewable sources of power such as solar and wind. Thanks to the steady growth witnessed by both forms of energy, they are becoming increasingly accessible and cost-effective, providing a viable alternative to non-renewable sources. This is great news for both businesses and households that can now reduce their electricity costs and carbon footprint while strengthening their financials. It’s also good news for the environment, with emissions reduced thanks to fewer fossil fuels being burned. Solar and wind power are quickly becoming mainstream options when it comes to powering the world in a sustainable way.

Natural gas continues to be the largest source of energy, but renewables will be on top

Natural gas has long been the kingpin of the energy grid, supplying a vast amount of power to our homes and businesses. However, this reliance on such an inefficient and environmentally damaging form of energy is no longer sustainable. According to the EIA report, natural gas is set to decrease to 34% in 2050 (from 37% in 2020). Thanks to renewables becoming increasingly more competitive and accessible as technological advances open up new possibilities that make them cost effective alternatives. As costs come down and availability increases, we can expect that natural gas will be displaced from its dominant position over the coming decades.

Coal generated electricity on the decline

The US Energy Information Administration (EIA) forecasts predicting that the share of electricity generated from coal will continue to fall in the coming years. Specifically, coal’s contribution is expected to drop to 10% in 2050, from 23% in 2020. This shift will be partially offset by expected increases in both utility-scale solar and wind power generation. EIA’s analysis points towards a more sustainable energy future where clean electricity sources are increasingly relied upon.

US Energy Information Administration’s Annual Energy Outlook

The US Energy Information Administration Annual Outlook report provides an assessment of energy markets over the next 30 years. This publication addresses issues related to energy production, demand, regional trends, transportation, and electricity generation and provides insights on important energy topics such as technological advances, changes in market structure and policy decisions. By using historical data combined with forecasts and modeling techniques, this outlook delivers reliable information on current and expected future trends that are essential for informed decision-making. With both graphical illustrations and detailed tables, this outlook provides an invaluable resource to policy makers, industry leaders and other stakeholders in the energy sector.

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Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a global energy solutions company. We supply customers in the US and Europe with electricity, including electricity generated from renewable resources and with natural gas. Through Genie Solar Energy and Prism Solar, we design, construct and install commercial solar energy solutions. We provide commercial and industrial clients with energy brokerage and consultative services through our Diversegy brand.

Case Studies

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    The installation of the solar array on the roof of storage facility is leveraging a limited regulation called “Group Hosting”. Group hosting is a method where a group of businesses or individuals share the installation and use of a larger solar array on a single property.

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    Kraft Power utilized American made solar panels to install a 57.5 kW system on their roof. The new rooftop solar system, will help Kraft Power offset 100% of the electricity usage every year.

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Convinced to go solar by the New Jersey incentives, PCS Wireless looked at several solar companies to provide the best overall value. Genie Solar was able to design a unique system to offset the largest portion of their electricity usage. Additionally, we combine it with an exclusive financial product which minimized the cash out of pocket and maximized the return on investment. The 494 kW system was constructed in minimal time, with no impact on the businesses operations.
PCS Wireless
A provider of engine-generator systems, Kraft Power was a pioneer of “Total Energy” (Combined Heat and Power). After seeing the financial and green benefits of solar at their headquarters in Massachusetts, Kraft wanted to capitalize on the lucrative state incentives in New Jersey at a distribution center. By installing a 57.5 kW system on the roof they were able to offset 100% of their electricity usage, take advantage of the Investment Tax Credit, accelerated depreciation, and collect revenue from the New Jersey SREC program. Genie Solar made it a smooth process and limited the need for internal resources to manage the project.
Kraft Power
A premier provider of water treatment in the New York and New Jersey area, Tower wanted to go solar to save money and generate clean energy. Upon reviewing the financial benefits available in New Jersey with the SREC program and the federal Investment Tax Credit, they wanted to safe harbor the project in 2019 and construct in 2020. Buying American Made panels was an important component of the project, and by utilizing their white roof, Genie Solar was able to leverage Prism Solar’s bifacial panels to minimize the square footage needed and maximize the electricity generated. Genie Solar helped them achieve all of their goals in an efficient manner with a 44.6 kW system.
Tower Water
Cardoza had both a showroom and a distribution center with exorbitant electricity costs in New Hampshire. As a legacy business, it was important to reduce costs and protect the business from increasing expenses prior to passing it on to the owner’s children. The show room’s roof and location made it a less than ideal location for solar; but the vast roof and direct sunlight on the distribution center could generate enough solar to power both facilities, plus the owner’s house. Leveraging New Hampshire’s group host program, Genie Solar built one 99.7 kW solar array to power all three locations. The owner is now considering converting more equipment to solar and building a second array.
Cardoza Flooring
A destination nursery in rural New Hampshire, HBTSR was a long standing customer of Genie Solar’s sister company, Diversegy. After helping the business reduce electricity expenses for the past number of years, HBTSR turned to Genie Solar to reduce their rising electricity expenses over the long run. “Between the federal and NH state incentives, I was paid $8,000 to install my solar array. On top of getting money back, I am going to realize over $300,000 in savings during the 25 year warranty period of the solar array.”
House By The Side of the Road