https://www.smart-energy.com/industry-sectors/business-finance-regulation/new-bnef-report-highlights-the-rise-of-sustainable-energy-in-the-us/
[links and images in online article]
New report highlights the rise of sustainable energy in the US
Feb 13, 2020
The US overhauled how it produces, delivers, and consumes energy over a
momentous decade of change, according to a new report from BloombergNEF
(BNEF) and the US' Business Council for Sustainable Energy (BCSE).
In the process, the US posted 10 straight years of economic growth,
while cutting both power-sector CO2 emissions and consumer energy costs
to their lowest levels in a generation.
The eighth edition of the Sustainable Energy in America Factbook
published by BNEF and the BCSE chronicles a profound transformation in
US energy that is still very much underway. The report, which includes
over 130 slides, provides users with straightforward charts to
understand how the change has impacted most segments of the energy sector.
“The transformation we have seen in the last decade has far exceeded
expectations,” said Lisa Jacobson, BCSE President. “The facts show that
we grew the economy, improved energy security, and cut emissions at the
same time – all while making energy more affordable to consumers.”
Utility-scale renewables were just emerging in 2009, and now they win
generation contracts on economic grounds. Battery technology is
one-tenth of its cost in 2009. Today, there are nearly over 85 million
“smart meters” in US homes and businesses, up from 9.6 million a decade ago.
The number of residential natural gas customers grew by 8% in the last
decade while overall residential consumption of gas rose by 5% due to
energy efficiency. Consumers are now spending record low proportions of
their household budgets on energy costs, a 22% decline since 2009.
The 2020 Factbook showcases the impact of sustainable energy, including
hydropower, natural gas, and energy efficiency initiatives over the last
decade and highlights findings for 2019 that follow the macro trends of
the 2010s:
Renewable energy became the cheapest new generation source in many US
power markets. The US has over 2 times more renewable power generating
capacity today than a decade ago. Solar capacity in 2019 was 80 times
greater than what it was at the end of 2009.
Energy efficiency choices have proliferated, with federal programs
helping high-efficiency appliances reach mass markets and state codes
bolstering building efficiency. The economy grew every year in the past
decade and energy use fell in five of the ten years. U.S. energy
productivity (GDP/energy consumption) improved 18% between 2010 and
2019, benefiting businesses and households.
Natural gas became the primary source of US power generation and shifted
the scales in the global market. Between 2010 and 2019 domestic natural
gas production jumped 50%, and natural gas went from providing 24% of
the nation’s electricity to 38%. The US increased its export capacity to
exceed its import capacity, building stronger trade relationships around
the world. In 2019, the US exported more gas than it imported.
“Technological innovation plus economies of scale are revolutionizing
the energy world,” said Ethan Zindler, BloombergNEF’s head of Americas.
“The idea that energy must be dirty to be cheap is simply a myth.”
“Emerging trends for sustainable energy are proliferating consumer
choice and empowerment. Digitalization and the Internet of Things have
made people more aware of their energy use, as the options for efficient
products and services are also expanding,” Ms Jacobson added.
The fact that 18 regulated utilities offer a green tariff for customers
to choose cleaner electricity and that nine states have taken actions to
offer voluntary tariffs for renewable natural gas to homes and
businesses, shows that customers are asking for cleaner options.
Meanwhile, corporate renewables procurement has surged. Virtually
non-existent a decade ago, US companies have signed contracts with wind
and solar projects totalling 33.6GW as of year-end 2019.
The report is available for download from the BCSE website
http://www.bcse.org/factbook.
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