And it'll grow your savings
The electricity generation mix continues to experience a rapid rate of change, with renewables the fastest-growing source of electricity generation through 2050…
~ US Energy Information Administration (EIA), Annual Energy Outlook 2020 ~
Renewables are Rising as Non-Renewables are Declining
A renewable energy revolution is underway. According to the US Energy Information Administration (EIA), the total share of “green” electricity generation, which is currently only around 19% of the mix, is projected to rise all the way to at least 38% in the coming decades. Meanwhile, coal and nuclear are projected to decline significantly, but natural gas will decline only slightly.
When you drill down into the details of the different kinds of renewables, you can see that the lion’s share of the coming growth in renewables will be driven largely by huge gains in solar energy. This makes sense when you think about the incentives both federal and state governments have put in place to encourage growth in solar energy—something we wrote about in our previous article, Limited Time Government Incentives Make Solar Affordable. Besides financial incentives for residential renewables, many states are also setting more ambitious goals for renewable electricity to encourage much larger-scale projects.
Energy Efficiency is Also on the Rise
In addition to the rapid growth of renewables for clean electricity generation, the EIA report also highlights the important role of increasing energy efficiency in the overall energy outlook:
US energy consumption grows more slowly than gross domestic product throughout the projection period (2050) as US energy efficiency continues to increase. This decline in the energy intensity of the US economy continues through 2050.
US Energy Information Administration (EIA), Annual Energy Outlook 2020
Despite the increase in GDP growth, there is a decrease in “energy intensity.” This doesn't mean a decline in energy consumption, since as the population grows, more energy is consumed overall. Rather, declining energy intensity means less energy is being consumed per unit of analysis. Specifically, each sector experiences this in a different way:
- Residential/Commercial Sector: The increases in energy efficiency and distributed generation will partially offset the additional demand for energy in homes and businesses.
- Industrial Sector: Energy intensity declines thanks to more energy efficient capital equipment and growth of less energy-intensive manufacturing industries.
- Transportation Sector (cars): Energy used per mile of vehicular travel declines thanks to more fuel-efficient vehicles (this one remains to be seen).
- Transportation Sector (bus/air/rail): Adoption of energy efficient technologies and practices results in decreasing energy per passenger-mile traveled.
Join the Renewables Movement with a Solar Energy
If you’d like to play your part at home in pushing the rise of solar energy higher, check out the solar page on our website. Pricing on solar systems has come down substantially in recent years, and there are still plenty of great federal and state government incentives to help as well. NEEECO also offers some of the latest electricity storage solutions in the form of Brightbox batteries to help you get the most out of your solar system whether the sun is shining or not! We also offer two great pathways to get a solar energy system up and running at your home: The Instant Savings route through a no-cost solar lease or the Maximum Savings route by fully owning your system up-front.
Get a No-Cost Home Energy Assessment and Start Saving
Energy efficiency is one of our areas of deep expertise here at NEEECO. What every resident of Massachusetts needs to know is that you are entitled to a no-cost home energy assessment. Your regular electric bill includes a small charge that helps fund the Mass Save program that encourages people to find out how to make their homes more energy efficient.
When you schedule your virtual home energy assessment, you’ll get a personalized report that tells you all the different ways you could make your home more energy efficient. And we’ll even jumpstart the process for you by providing energy efficient products, including ENERGY STAR LED light bulbs, low-flow shower heads, faucet aerators, advanced power strips, and even a programmable thermostat, all at no cost to you! If that sounds like a great deal, Contact Us now to schedule your home energy assessment so you can start saving serious money on your energy bills!