ETFdb Logo
  • ETF Database
  • Content Hubs
    • Themes
      • Active ETF
      • Alternatives
      • Artificial Intelligence
      • China Insights
      • Core Strategies
      • Crypto
      • Disruptive Technology
      • Energy Infrastructure
      • ETF Building Blocks
      • ETF Investing
      • ETF Strategist
      • Financial Literacy
      • Fixed Income
      • Free Cash Flow
      • Future ETFs
      • Innovative ETFs
      • Institutional Income Strategies
      • Leveraged & Inverse
      • Market Insights
      • Market Outlooks
      • Modern Alpha
      • Nuclear Energy
      • Portfolio Strategies
      • Sector Investing
      • Tax Efficient Income
      • Thematic Investing
    • Asset Class
      • Equity
        • U.S. Equity
        • Int'l Developed
        • Emerging Market Equities
      • Alternatives
        • Gold/Silver/Critical Materials
        • Cryptocurrency
        • Currency
        • Volatility
      • Fixed Income
        • Investment Grade Corporates
        • US Treasuries & TIPS
        • High Yield Corporates
        • Int'l Fixed Income
    • ETF Ecosystem
    • ETFs in Canada
    • Market Outlook
    • Crypto ETF Hub
  • Tools
    • ETF Screener
    • ETF Country Exposure Tool
    • ETF Database Categories
    • Indexes
    • Scenario Analysis
    • Watchlists
    • Head-To-Head ETF Comparison Tool
    • Mutual Fund To ETF Converter
    • ETF Stock Exposure Tool
    • ETF Issuer Fund Flows
  • Research
    • ETF Education
    • Equity Investing
    • Dividend ETFs
    • Leveraged ETFs
    • Inverse ETFs
    • Index Education
    • Index Insights
    • Top ETF Sectors
    • Top ETF Issuers
    • Top ETF Industries
  • Webcasts
  • Sectors
    • Sector Investing Content Hub
    • XLK
    • XLI
    • XLU
    • XLY
    • XLP
    • XLRE
    • Sector Power Rankings
    • XLE
    • XLC
    • XLF
    • XLV
    • XLB
  • Multimedia
    • ETF 360 Video Series
    • ETF of the Week Podcast
    • Gaining Perspective Podcast
    • ETF Prime Podcast
    • Video
  • Company
    • About VettaFi
  • PRO
    • Pro Content
    • Pro Tools
    • Advanced
    • FAQ
    • Free sign up
    • Login
  1. The Responsible Investing Content Hub
  2. Solar Power Will Become a Vital Source of Electricity in the U.S.
The Responsible Investing Content Hub
Share

Solar Power Will Become a Vital Source of Electricity in the U.S.

Max ChenSep 10, 2021
2021-09-10

Solar energy is projected to make up to 40% of the United States’ electricity grid within 15 years.

According to the Energy Department’s Office of Energy Efficiency and Renewable Energy, the U.S. would need to quadruple its annual solar capacity and continuously raise it year by year as the country shifts gears in its focus on renewable energy to address the threat of climate change, Reuters reports.

The study “illuminates the fact that solar, our cheapest and fastest-growing source of clean energy, could produce enough electricity to power all of the homes in the U.S. by 2035 and employ as many as 1.5 million people in the process,” Energy Secretary Jennifer Granholm said in a statement.

The latest report is “designed to guide and inspire the next decade of solar innovation by helping us answer questions like: How fast does solar need to increase capacity and to what level?″ Becca Jones-Albertus, director of the Energy Department’s solar energy technologies office, said.

President Joe Biden has previously declared climate change will soon become “everybody’s crisis ” during a visit to areas flooded by Hurricane Ida. Biden warned that America has to get serious about the “code red” danger posed by climate change or continue to see an increased loss of life and property.

“We can’t turn it back very much, but we can prevent it from getting worse,” Biden said before a tour of a New Jersey neighborhood that experienced severe flooding. “We don’t have any more time.”

The U.S. has already installed a record 15 gigawatts of solar generating capacity last year, with solar energy now accounting for a little over 3% of the electricity supply, according to the Energy Department.

Looking ahead, by 2035, the country would have to quadruple its yearly solar capacity to provide 1,000 gigawatts of power to a renewable-dominant grid, according to the “Solar Futures Study,” prepared by DOE’s National Renewable Energy Laboratory. By 2050, solar energy would account for 1,600 gigawatts based on a target goal of a zero-carbon grid or generate more electricity than consumed for all residential and commercial buildings today. Total decarbonizing the entire U.S. energy system would require as much as 3,000 gigawatts of solar by 2050 to support the increased demand for electricity across an expanding grid for transportation, buildings, and industrial sectors.

For more news, information, and strategy, visit the ESG Channel.

Loading Articles...

Advertisement

Is Your Portfolio Positioned With Enough Global Exposure?

ETF Education Channel

How to Allocate Commodities in Portfolios

Tom LydonApr 26, 2022
2022-04-26

A long-running debate in asset allocation circles is how much of a portfolio an investor should...

Core Strategies Channel

Why ETFs Experience Limit Up/Down Protections

Karrie GordonMay 13, 2022
2022-05-13

In a digital age where information moves in milliseconds and millions of participants can transact...

}
X