The U.S. is poised to deliver 600GW of new solar, wind, and energy storage capacity through to the end of the decade, according to the latest U.S. Clean Energy Market Outlook from BloombergNEF (BNEF).
The influential analyst firm said the U.S. renewables sector was poised for "staggering" growth off the back of the White House's Inflation Reduction Act, which features a raft of tax credits and policy support measures for clean energy developers across the country.
The report predicts 358 GW of new solar capacity is set to be deployed between 2023 and 2030, delivering almost three times the total solar capacity installed as of 2022.
A further 137 GW of wind power capacity is expected by the end of the decade, which would nearly double total wind capacity compared to 2022 levels.
Additionally, 111 GW of new battery storage capacity is expected to deployed by 2030, marking a nine-fold increase on current capacity.
"While structural constraints, such as permitting and grid connections, and higher cost of capital threaten buildout, BNEF expects this to be outweighed by favorable economics and demand for clean power from states, utilities, corporations, households and investors," the report states.
However, the report also warned that the surge in new renewables development is still not in line with net zero goals and could yet be hampered by permitting delays and grid connection challenges. It said that while there is a growing awareness of the need to boost grid capacity the projects $83 billion of grid investment through to 2030 was still $172 billion short of the level needed to align with net-zero targets.
Significant reforms to regulatory frameworks and permitting, and more support for supply chains, is urgently required to realize the required scale of investment for net zero, the report argued.
The report comes as a letter signed by a multisector U.S. coalition of more than 40 clean energy organizations, environmental groups, developers, manufacturers, labor and consumer groups and other nonprofits was this week sent to Congress urging funding for high-capacity transmission deployment and research through the U.S. Department of Energy's budget.
The letter highlights an abundance o
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