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(Reuters) – United States’ annual renewable energy capacity could triple in 10 years to 110 gigawatts (GW) as clean-energy law powers more investment in the sector, research and consultancy firm Wood Mackenzine said on Wednesday.
President Joe Biden’s Inflation Reduction Act (IRA) provides billions of dollars in green energy tax credits to help consumers buy electric vehicles and companies produce renewable energy, cutting the nation’s carbon emissions.
With the IRA making the renewables business competitive, increased rush for development sites and resurgence in manufacturing was also supporting the industry, said Chris Seiple, vice chairman, power and renewables at Wood Mackenzie.
The research firm said IRA could significantly reduce carbon emissions and result in a 60% carbon-free power sector by 2032.
However, the slower development and extreme weather conditions have weighed on electricity grids despite technology like direct line ratings having the potential to expand gird capacity.
IRA tax credits are estimated to cost $1.9 billion through 2025, Wood Mackenzie added.
Last month, the firm highlighted that government targets to increase wind power’s annual capacity to reach 80 GW per year by 2030 would require $100 billion in secured investment in the supply chain by 2026.
The U.S. was on track to put out between 35% and 43% less carbon dioxide by 2030 from 2005 levels as a consequence of the IRA, recent data from the Environmental Protection Agency showed.
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