Surprising Facts About Energy Consumption and Generation
It's no surprise that America's energy consumption has continued to increase steadily, but in 2019, the Energy Information Administration (EIA) predicted that global electricity generation will nearly double by 2050.
This demand for energy generation is due to rising income, urbanization, and increased access to electricity. The energy grid will have to be rearranged to withstand these new energy demands, and clean energy has been hailed as one of the top solutions to this problem.
The solar market has certainly taken off, and as of 2020, more than 230,000 Americans work in the solar industry. Last year, the solar industry generated more than $33 billion of private investment in the U.S. economy.
Not only are consumers demanding more clean energy options, the cost of installing solar continues to drop. According to the Solar Energy Industries Association (SEIA), in 2021, 46% of all new electric capacity added to the grid came from solar.
Partly due to the federal Solar Investment Tax Credit, more than 121 gigawatts of solar capacity has been installed nationwide, which is enough to power 23.3 million homes.
As homeowners, businesses and major corporations continue to adopt clean energy generation and consumption, wind and solar are sure to become even more important players in the future. The EIA predicts that wind will become the single largest source of renewable energy generation by 2040.
Even so, the road to reducing the use of fossil fuels in energy generation is a long one. According to the EIA, fossil fuels will continue to dominate the energy industry, with 77% of the world's energy generation coming from them even in 2040.
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