If we’re honest about our current power grid development reality, we will accept that it is renewables that have been footing the bill for upgrades to the power grid.
As part of ACORE’s Finance Forums, experts on federal energy policy outlined what policies are needed to help drive the Biden Administration’s clean energy and climate change policies.
The report said a transmission ITC could enable an additional 30,000 MW of renewable energy capacity and spur more than $15 billion in private capital investment in the near term.
The report warns that because of long lead times, the window “may be closing” on transmission upgrades needed to support a range of renewable energy goals.
Public interest groups joined with industry associations to voice support for standalone storage ITC eligibility. Federal policy makers have a lot of options to consider.
One environmental group said the new president’s actions make “the United States once more part of the global climate solution—not the problem.”
Job moves in solar, storage, cleantech, utilities and energy transition finance.
As the pandemic continued its attack on the U.S. economy, 2020 ended with 429,000 fewer clean energy workers.
“As Congress looks to recover jobs and spur new economic activity that leads to job growth and consumer savings, they should prioritize extending and expanding the ITC for distributed clean energy,” CALSSA said.
Bill Gates and Breakthrough Energy see enhanced transmission as facilitating electrification and grid reliability. Increasing transmission development at the “seams” between regions could save consumers more than $47 billion and return more than $2.50 on every dollar invested.
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