2022 renewable energy industry outlook: New avenues are opening

Excerpt from utilitydive.com

The renewable energy sector is ready to branch out

Rapid technology improvements and decreasing costs of renewable energy resources, along with the increased competitiveness of battery storage, have made renewables one of the most competitive energy sources. Despite supply chain constraints, increased shipping costs, and rising prices for key commodities, capacity installations remained at an all-time high. Wind and solar capacity additions rose 33% through October 2021 over the prior year.

In 2022, renewable energy growth is poised to accelerate, as concern for climate change and support for environmental, social, and governance (ESG) considerations grow and demand for cleaner energy sources from most market segments accelerates. Additionally, the Biden administration’s vision to fully decarbonize the US economy is helping spur activity in the renewable sector that will likely drive future growth.

Below are five trends that will likely impact the industry in 2022: