Friday, September 27, 2013

Renewable Energy Outlook by Bloomberg



The United States is a hub of renewable energy technology. The U.S produces the most geothermal energy than any other country (~13,700 MW),  is the second largest wind industry (46,990 MW), and the third largest hydropower industry (96,000 MW), and the fifth largest solar industry (57,000 MW). Bloomberg New Energy Finance (BNEF) predicted that by 2030, the share of renewables in America power generation will grow to 27%. Also, USA is expected to have 343 GW of renewable energy capacity, which will be 420% increase from 2010. Approximately $700 billion will be invested in the renewable energy sector. 

The Department of Energy has numerous programs to fund American renewable energy technology research such as "the DOE's Loan Guarantee Program". It was the Energy Policy Act of 2005 that was to provide Federal support to stimulate commercial investments in alternative energy. In 2009, the Energy Policy Act was amended to temporarily expand the program by providing loan guarantees for renewable energy systems  electric transmission systems and other biofuels projects. 

In addition, $16.8 billion is invested in Renewable Energy via American Reinvestment and Recovery Act and Smart Grid Stimulus Program. The Obama Administration endorsed an Executive Order to facilitate investments in industry energy efficiency to establish a national goal of 40 gigawatts of power capacity by 2020, which is a 50% increase from today. 

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