ACORE recently released a report showing that the interest of developers and investors in both the renewable energy and energy storage sectors is significantly high at the moment. The report contains the results of a survey that centered on the expectations of development firms and financial institutions in the energy sector, following the effects of the coronavirus pandemic.
In addition to this, the Expectations for Renewable Energy Finance 2021–2024 report also tracks the American Renewable Investment Goal’s progress. The American Council on Renewable Energy launched this initiative earlier in 2018, with its objective being to raise $1 trillion in private sector investment that will go into improving grid technologies and renewable energy by the year 2030. Securing this investment amount in this period would make it the highest investment made in the country’s renewable sector. Additionally, it would enable the council to move closer to meeting the Biden administration’s goal of a carbon-free grid.
So far, a sixth of the initiative goal has been raised. This is in spite of the 12% decrease in investments into renewable investments that was observed last year.
Analysts note that for the $1 trillion goal to be achieved, approximately $93 billion will need to be invested in the sector annually. This is a yearly increase of about 60% over last year’s level of investment.
Gregory Wetstone, CEO and president of ACORE, stated that the increasing confidence in the energy storage and renewable energy sectors was encouraging. He explained that if the $1 trillion goal was going to be met in order to achieve the Biden administration’s objective to decarbonize the energy sector, developers and investors in the renewable sector needed to significantly increase their investments in grid technologies and renewable energy.
Wetstone noted that this would help steer clear of the worst effects of climate change.
Apart from this, other findings highlighted in the report include:
- In comparison with last year, 68% of investors surveyed are planning to increase their investments into renewable energy by more than 10%.
- Developers and investors believe that tax equity was the financing source that was most affected by the pandemic.
- Developers and investors are confident about the growth of energy storage and renewable energy in the next three years, noting that almost all surveyed companies are working on growing their development and investment activities.
- NYISO, CAISO and PJM electricity markets will be the most popular in the United States for renewable energy development and investment over the next three years.
As companies such as StorEn Technologies Inc. invest massively in energy storage solutions, it is feasible that a carbon-neutral economy can be attained in the foreseeable future.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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