This is an excerpt from EERE Network News, a weekly electronic newsletter.

July 16, 2014

Report: Renewable Electricity Generation Capacity in Americas to Soar

Electricity generation capacity from renewable energy sources in the Americas is estimated to quadruple—growing from 7% in 2012 to 28% in 2030—according to a report released on July 1 by research company Bloomberg New Energy Finance.

The report, BNEF 2030 Market Outlook, forecasts that that United States will add 522 gigawatts (GW) of gross new electrical generation capacity by 2030, and that overall North, Central, and South America will add 943 GW of gross new electrical generation capacity.

During that span, renewable energy technologies in the Americas attracting significant investment will include rooftop photovoltaics ($231 billion) and land-based wind energy ($200 billion). There will be smaller slices of investment going to biomass-to-power energy systems, offshore wind energy, and large-scale solar energy systems, according to the report authors. The research company’s model suggests that energy efficiency gains will mean that U.S. electricity demand rises at just 0.5% per year from 2014 to 2030, much more slowly than U.S. gross domestic Product. In contrast, electricity demand will increase at 3% a year in Latin America on the back of rapid economic development.

Globally, the Bloomberg New Energy Finance report forecasts that $7.7 trillion will be invested in new generating capacity by 2030, with 66% of that going to renewable energy technologies, including hydroelectric systems. See the Bloomberg New Energy Finance news release.