According to Greentechmedia, almost 400 GW of renewable energy are possible to harvest by 2040 under the right conditions.
New analysis of the expectations surrounding renewable energy sources highlights an even greater outcome than that determined by the U.S. Energy Information Administration.
This analysis has concluded that:
- 2020 will see an increase in wind-based energy and natural gas initiatives.
- Coal plants will decrease from 60 to 40 gigawatts by 2016.
- Solar energy will continue to grow in 2025, matching or overtaking natural gas generation.
In terms of changing markets, the solar industry is also continuing to grow. There was a 76 percent growth over the first quarter of 2014, and more than 437 megawatts of photovoltaics (PV) were installed in the first three months of 2015.
Although much of the Northeastern U.S. experienced some of the worst winter weather ever seen, the residential market continued to grow by 11 percent. This time period is usually the slowest due to tax costs and weather conditions.
"Q1 2015 provided a clear glimpse into the role that residential sector will play as a primary driver of not only solar market growth, but the overall electricity generation mix," said senior vice president at GTM Research, Shayle Kann.
Research indicates an increase of 3 million more residential installations throughout the next five years caused by a broader market, energy use engagement and management.
In addition to the numerous changes caused by the U.S. Energy Information Administration, coal power will decrease. Due to incurring charges and decrease in use, coal plant retirements will begin to increase as time goes on.
No matter the type of energy efficient mediums, it's clear that the U.S. is taking a stance in the efficiency market.