The Rise of Renewable Energy: A Game-Changer for the Industry

Renewable energy is transforming the way we power our world. In 2020, solar and wind energy accounted for a record 36% of new power plant capacity additions globally, surpassing fossil fuels for the first time.

## The Shift to Renewables

The transition to renewable energy is driven by a perfect storm of factors. Climate change, government regulations, and economic benefits are all contributing to the shift. In the United States, for example, the cost of solar energy has fallen by 70% over the past decade, making it more competitive with coal and natural gas.

### Solar Energy on the Rise

Solar energy is leading the charge, with global installations increasing by 20% in 2020 alone. The United States is home to more solar capacity than any other country, with over 72 gigawatts of installed capacity. California’s solar industry is particularly thriving, with the state generating over 12% of its electricity from the sun.

### Wind Power Gains Momentum

Wind energy is also experiencing rapid growth, with the United States installing over 9 gigawatts of new capacity in 2020. Offshore wind farms are becoming increasingly popular, with the world’s largest project, the Hornsea 1, located off the coast of the UK.

### Energy Storage: The Missing Piece

While renewable energy is surging forward, energy storage remains a significant challenge. Batteries and other storage solutions are necessary to ensure a stable power grid. The good news is that energy storage costs are falling rapidly, with the cost of lithium-ion batteries decreasing by 80% over the past decade.

### The Future of Energy

The future of energy is bright, with renewable energy leading the way. As costs continue to fall and technology improves, we can expect to see even more widespread adoption. In the United States, the Department of Energy predicts that solar and wind energy will account for 35% of the country’s electricity generation by 2050. The world is undergoing a revolution, and it’s happening faster than you think.