Solar and wind installations in the US could account for between 40% and 62% of total electricity generation by 2030, according to a report from the National Renewable Energy Laboratory (NREL).
The forecast growth is due to the stimulating effects of the ‘game-changing’ Inflation Reduction Act (IRA), which came into force last summer and introduced US$369 billion in incentives and tax credits for renewable energy investment, and the Bipartisan Infrastructure Law (BIL) which focuses on jobs and infrastructure investment.
NREL said that the combined support for climate initiatives and tax incentives from the two acts could exceed US$430 billion through 2031, bringing deployments up with it.
Under the most likely forecast scenario included in its ‘Evaluating Impacts of the Inflation Reduction Act and Bipartisan Infrastructure Law on the US Power System’ report, NREL predicts that cumulative US solar and wind deployments will reach between 350GW and 750GW from 2023-30, whilst total installed capacity by 2030 will sit between 600GW and 1000GW. The variation takes into account potential barriers to deployment and factors like fuel and technology costs.
More: IRA will see solar and wind account for over 60% of US generation by 2030 – NREL