Report Reveals Significant Economic Benefits of Majority Renewables Grid

By William Atkinson | Dec 29, 2020
A wind turbine framed by trees set against a blue sky with wispy clouds

Earlier this year, the American wind, solar, hydropower and energy storage industries united around a collective idea to generate over half of the country’s electricity within 10 years, according to a report from Wood Mackenzie, Annapolis, Md.

And now, according to a “first of its kind” study released by the American Clean Power Association (ACP), Washington, D.C., and Wood Mackenzie, driving toward that goal for a majority renewables grid in the United States can catalyze almost 1 million direct clean energy jobs and provide over $1 trillion in capital investment into the U.S. economy over the next decade. The goal would also help to stabilize wholesale power prices and reduce U.S. carbon emissions by over 60%. 

“A majority renewables electric system for the U.S is possible within a decade and will deliver much-needed investments in our economy and create a pathway toward steady, well-paying employment for workers across the country,” said Amy Farrell, ACP’s senior vice president of government and public affairs. “This research shows that a collaborative promise of an American grid powered by wind, solar, hydropower, energy storage, and other renewables represents an economic powerhouse that will lead our country towards a more prosperous, healthier and cleaner future.”

A clean energy road map, proposed by the American Wind Energy Association, Washington, D.C., lays out a plan for how the federal government can accelerate this economic growth and renewable energy deployment by executive and legislative actions beginning in 2021.

Wood Mackenzie added that the analysis makes it clear that “transmission infrastructure expansion and improvements” are critical to enabling this transition to a cleaner American electric grid. In other words, it’s not simply a matter of siting new renewables (solar, wind, storage, etc.). Connecting them viably, seamlessly and strategically to the grid by new transmission projects is critical to success.

About The Author

ATKINSON has been a full-time business magazine writer since 1976. Contact him at [email protected]

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