Renewables to reach 30% of US energy by 2030

The contribution of renewable power to total installed capacity in the US is expected to double to 30% by 2030 from today, forecasts a GlobalData study. By 2030 cumulative installed renewables capacity in the US, mainly from solar, onshore and offshore wind, will stand at around 443GW. Representing a compound annual growth rate (CAGR) of 7.3%, this projection can be attributed to more states adopting and updating renewable energy policies, as well as imposed emission taxes increasing the cost of fossil fuel power generation, according to the analyst outfit. GlobalData's latest report, ‘US Power Market Outlook to 2030, Update 2019 - Market Trends, Regulations and Competitive Landscape’ also found that US energy utilities are also in favour of switching to renewable power in order to comply with the state-level renewable energy targets. The share of coal-based capacity will decline from 27.2% in 2018 to 13.5% in 2030 as it is replaced by renewable energy, storage capacity and stable gas-based generation over the next decade.