Renewable energy is a trend set to supercharge during the American Reset.
While we’ve been using the same old fossil fuels for over a century, soon we’ll see a dramatic shift to renewable energy —specifically, solar power.
The renewable energy market is set to grow exponentially. But within it, solar is expected to grow even faster.
Currently, it only accounts for 15% of renewable energy generation in the U.S.
But its share is expected to grow to 46% of renewable energy by 2050. Just as every other technology improves and becomes more efficient with time, so does solar.
Shortly, the cost of harnessing energy from the sun will be cheaper than the energy we pull out of the earth.
That’s why solar energy is the next Reset tipping-point trend.
This tipping point will have massive implications for the entire energy industry.
I see a world where fossil fuel plants are shut down, causing oil and gas companies to file bankruptcy.
But on the bright side, everyone will have access to cheap, renewable energy to power our homes and electric vehicles.
The Great American Reset Will Supercharge the Solar Boom
While solar started as an environmentalist’s dream, the next phase will be an economist’s dream, as cheaper prices lead to higher demand and more supply.
In the U.S., solar capacity is expected to skyrocket sixfold over the next three decades, growing from 47.6 GW in 2020 to 309.3 GW in 2050.
That means powering up our electric vehicles and running our central air conditioning won’t break the bank or damage the environment. We’ll be doing more with less resources.
Some forecasts see solar growing from 2% of global electricity generation today to 22% in 2050. But I think this outlook is too conservative...
Technology grows exponentially. If we apply that theory to solar power, we will see a faster growth in conversion efficiency and cheaper, denser battery storage
And we are already seeing this take place…
Residential U.S. solar PV installations have steadily increased over the past decade. From 2010 to 2020, more than 2 million residential solar panels were installed, supported in large part by the 30% federal investment tax credit.
The pandemic is accelerating this trend. According to data from real estate consultancy Otteau Valuation Group, families are ditching their $3 million NYC apartments in search for much larger homes in New Jersey.
In fact, new homes bought in New Jersey jumped 69% from last year. This will have a big impact on the future of solar, as new homeowners opt to add solar panels.
To learn more on how you can get ahead of this trend during the Great American Reset, click here.