The United States is on the cusp of a transformative shift in its energy landscape. For the first time since the mid-20th century, over 95% of the planned new electric-generating capacity for 2024 is zero-carbon. This remarkable change is propelled by a combination of factors, including the plummeting costs of renewable energy technologies, supportive federal tax credits, and ambitious renewable energy targets set by various states. Between 2020 and 2024, the share of new capacity from natural gas has dramatically decreased from 21% to just 4%, while battery storage capacity has surged from 1% to 23%. This trend indicates a significant move away from fossil fuels toward cleaner energy sources. whitehouse.gov
This shift is not only environmentally beneficial but also economically advantageous. The National Renewable Energy Laboratory (NREL) estimates that transitioning to a net-zero power grid by 2035 could lead to net benefits ranging from $920 billion to $1.2 trillion. These benefits stem from reduced greenhouse gas emissions, improved air quality, and the prevention of climate-related damages. However, achieving this goal requires addressing challenges such as accelerating electrification, expanding grid infrastructure, and integrating distributed energy resources. By overcoming these hurdles, the U.S. can pave the way for a sustainable and resilient energy future. www2.nrel.gov