Research firm Deloitte has released a new report which examines the renewable energy market in the US.

According to the report Renewable Energy Industry Outlook, the industry will continue to grow in 2020.

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Marlene Motyka, Deloitte’s Global and US Renewable Energy Leader, said the three key drivers for continued renewable energy growth in 2020, include:

• Increased opportunities for the offshore wind sector boosted by a spate of state and federal policy initiatives that have stimulated the industry over the last two years.
• Expanded distributed energy resources development to address grid resiliency issues after the increase in severe weather events across the county.
• Increased opportunities to collaborate with other industries, especially in smart city initiatives, that accelerate technological development, financial innovation, and other initiatives.

2020 renewable energy industry trends include:

• Renewables’ costs competitiveness ushers in a new era of competition.
• The door is ajar for new offshore wind opportunities and may open wider.
• Growing resiliency imperative may mean an increased role for renewables and storage.
• Collaboration is key to innovation in the sector.

Renewable energy is a hot topic set for discussion at DISTRIBUTECH INTERNATIONAL. Click here to register to attend or for more information about the event.

2019 trends

• For the first time ever, in April 2019, renewable energy outpaced coal by providing 23% of US power generation, compared to coal’s 20% share.
• In the first half of 2019, wind and solar accounted for approximately 50% of total US renewable electricity generation.
• Declining costs, rising capacity along with increased competitiveness of battery storage drove growth in 2019.
• Levelised cost of onshore wind and utility-scale solar declined by 10% and 18%, respectively.
• Renewable energy consumption by residential and commercial customers increased 6% and 5%, respectively, while industrial consumption declined slightly by 3% in 2019.
• As of late 2019, at least 10 utilities have announced 100% decarbonisation goals.
• The wind industry expects record growth for 2019.