US Renewable Power Set to Get More Than 20% Boost From New Climate Law
Accelerated by the Inflation Reduction Act, solar capacity will more than triple from 2021 to 2030 and battery storage will jump exponentially, predicts BNEF.
Sheep graze near wind turbines at a wind farm in Rio Vista, California.
Photographer: David Paul Morris/BloombergThe sweeping climate law signed by President Joe Biden will boost development of solar, wind and big batteries by at least 20% through 2030, accelerating what would already have been rapid growth, according to BloombergNEF, a clean-energy research group.
The Inflation Reduction Act’s long-sought tax credits for renewable technologies will have their greatest effect toward the end of the decade, after the supply-chain problems now delaying some clean-power projects have eased. But in the end, the IRA, which revived Biden’s stalled climate-change agenda, could have a dramatic effect on how the US generates and stores power.