In the early 2000s, both solar and wind power were booming. Solar energy is growing faster than wind energy. Renewable energy growth is driven by several factors. Germany introduced the Renewable Energy Sources Act (2000, feed-in tariffs, grid preference for renewable electricity and a program for 100,000 solar roofs to be installed on homes) in 2000. This helps Germany become a leader in solar and wind. Renewable energy investments are also included in the U.S. stimulus package.
Solar PV is on the rise
The solar PV industry is one of the fastest growing sectors in the renewable energy sector. It has seen rapid growth over the last few years and will continue to grow strongly through 2030. In 2017, solar PV produced about 2% worldwide electricity. While this is still far below hydropower, solar power generation is expected to catch up with hydropower by 2030.
Global trends are driving the growth of solar PV. The world's PV capacity has almost doubled over the past decade. As of February 2018, the global capacity of solar PV was 167,047 GW. China alone is responsible for over half of the world's capacity, or capacity per capita. Europe, America, and the Middle East make up less than 2% global PV capacity.
Increase in wind energy
Wind energy is an intermittent, free, renewable energy source that can be harnessed in a variety of ways. It is an excellent source of power because it takes up very little space. The wind's variable power can pose some problems. It is possible to combine wind turbines in a large area and average the output to solve this problem. Like any energy source other forms of generation or storage must also be used to complement wind energy.
A greater wind energy resource is required to reach the 20 percent target by 2030. To reach this target, new transmission lines and wind turbine installations will need to be built and installed. To have more that 40,000 MW wind power in the U.S. by 2030 is the goal. Wind energy will generate enough electricity in 2020 to power almost 43 million American households. Wind energy's potential is huge because it can drive economic growth in the United States. Wind energy has generated $151 billion in investment over the last decade. The industry is expected to generate another $20 billion by 2021. Additionally, wind energy is able to reduce pollution and save the planet.
Battery storage increases
In order to maintain clean electricity supply, it is crucial that the world increases its battery storage capacity. The BNEF projects a global total energy storage capability of 365 gigawatts by 2030. This is five times higher than the 2021 figure. Grid-scale battery storage projects rely on Li-ion technology. Li-ion cells have many advantages, including their versatility.
The combined capacity of battery storage projects in the U.S. could grow 10 times over the current figure by 2025, contributing a total of 10,000 MW to the grid. The Energy Storage Association says that the industry has experienced rapid growth over the last year. This could lead to even more projected capacity. This could indicate that there will be significant growth in the storage sector in the years ahead.
The use of biomass fuels is increasing
Biomass fuels in the United States are a major source for energy. They account for approximately 5% of primary energy use in 2021. Biomass fuels can be made from wood, municipal solid refuse, and agricultural byproducts. These fuels can be used to produce electricity and are clean-burning.
Renewable energy can help reduce greenhouse gas emissions. The carbon dioxide released by the burning process is offset by the growth of the plants. The carbon dioxide released by burning wood is about the same as that from burning fossil fuels. But, biomass offsets this emission with its own growth. However, the carbon penalty for clearing forests for energy production can take many years to recuperate. Additionally, biomass fuels can also be grown on land previously used for food production.