in News Departments > New & Noteworthy
print the content item

The U.S. is increasing its share of renewable energy while decreasing its overall energy consumption and emissions, finds a new report released jointly by Bloomberg New Energy Finance (BNEF) and the Business Council for Sustainable Energy.

According to the report, U.S. renewable energy consumption - including from wind, solar, biomass and hydropower - jumped from 6.4% in 2007 to 9.4% in 2012. In comparison, natural gas rose from 23.4% to 27.2% during that time period. Meanwhile, U.S. consumption of coal declined from 22.5% in 2007 to 18.1% in 2012, and oil consumption fell from 39.3% to 36.7%.

Renewable energy sources are being built quickly, and renewable energy production costs are plummeting. The cost of power from a typical large wind farm has decreased from $0.09/kWh in 2009 to $0.08/kWh in 2012, the report notes. Meanwhile, the cost of electricity generated by average large solar power plants has fallen from $0.31/kWh in 2009 to $0.14/kWh in 2012 (excluding the effect of tax credits and other incentives, which would bring those costs down even more).

Thanks to these developments, the U.S.’ total installed renewable energy capacity has more than doubled in the five years between 2008 and 2012.

In addition, energy efficiency is increasingly becoming a priority, particularly among large power consumers. U.S. utility budgets for efficiency expenditures reached $7 billion in 2011 (the latest available date for which data exists), and financing for energy efficiency retrofits has become increasingly sophisticated, propelling the further greening of U.S. buildings, the report notes. Overall, energy demand decreased by 6.4% from 2007 to 2012, largely due to efficiency gains.

As a result of all of these factors, combined with more fuel-efficient vehicles, U.S. energy-related carbon-dioxide (CO2) emissions dropped 13% during that time period and now stand at their lowest levels since 1994, the report says.

The full report can be downloaded here.


IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015