One of the most significant evolutions we’ve seen in the last couple of years has been the uptick in renewable energy projects, particularly in wind and solar. And the numbers show a dramatic shift in just the last few years.
In the , renewable energy (biomass, geothermal, hydropower, solar and wind) accounted for just under 14% of the electricity generation mix in 2011. But by 2020, renewables made up 21% of the country’s electrical production. And while overall energy demand fell drastically due to Covid-19, wind, solar and hydroelectricity all grew, with solar energy recording its largest-ever increase in 2020.
In the next 30 years, the US Energy Information Administration projects the percentage of renewable energy to double, hitting 42% of the country’s electrical output by 2050. As more companies pursue business opportunities in renewables, it’s important to be aware of the specific trade dynamics and limit risk.