Electricity generated from renewable sources in the United States has more than doubled in the past decade.This means that the demand for renewable energy, which includes solar, wind, and biofuels, is growing quickly as awareness spreads about the need for cleaner solutions and greater efficiency.
Not only does renewable energy help reduce the strain on the traditional electric grid system, it can also be produced and delivered at lower costs. It saves money for both energy producers and end users. And this trend toward rapidly increasing use of more eco-friendly energy sources is expected to continue through the next few decades.
Analyzing Renewable Power Growth
The growth of renewables can be analyzed using four key elements: a customer experience map, insights and tools, actionable results, and strategic frameworks.
A customer experience map encompasses customer pain points and fears that need resolving. Using insights and tools will be key in energy analysis to make more accurate estimations and projections regarding energy needs. Actionable results associated with better performance give energy stakeholders more confidence and reasons to invest further in renewables. And strategic frameworks lead to infrastructure improvements to achieve more reliability and resilience in energy production.
Now that utilities are becoming increasingly invested in building more efficiency for the future of energy production, here are the steppingstones they are using to improve performance with the help of renewables:
- Investment in new products and services
- Research and development funding
- Analysis of regulations that will benefit stakeholders
- Geographical studies on which regions need the most transformation in meeting demands with renewables
- Emphasis on cost optimization strategies within supply chains
- Awareness of political and economic factors in shaping renewables
- Understanding barriers to entry for new players
Monitoring the trends in renewable energy growth will offer a clear idea why utilities around the world are moving in this direction. Meanwhile, scientists are constantly discovering new ways to harness energy from nature, including the ocean and the ground.
Research on Renewable Growth
- While hydropower is still the most prevalent form of renewables on a global level, solar and wind are gaining quickly. Geothermal energy from below the earth's surface is also steadily gaining in electricity production. Utilities need backup energy to supply baseload requirements when traditional sources have momentary shortfalls; geothermal has become useful to utilities as a viable alternative.
- Utilities are becoming more flexible when it comes to drawing electricity from renewable sources as part of an energy mix. Current conditions are sufficient to allow 80% of U.S. electricity to be generated by renewables by 2050. This new system will be far more efficient at meeting electricity demands on an hourly basis throughout the nation.
- As modern utilities become more flexible at energy generation, they will have the ability to meet energy demands more effectively. Utilities will have more options for supplementing the primary energy sources with secondary sources. This direction also emphasizes more flexibility in grid storage so that backup power is instantly available to account for voltage drops in transmission.
- The more diverse a utility is, the more efficient it will be in meeting customer demands during peak periods. This factor will help utilities drive toward more sustainable and environmentally-friendly operations. It will help reduce greenhouse gas emissions and wasted resources.