The Key to Lower Electricity Bills? Renewable Energy!

As electricity demand rapidly soars in the United States, renewable energy developers implore policymakers to keep wind and solar as part of the power grid to avert energy shortages and keep prices low.

“Our message to the administration is, let’s be realistic about this,” states John Ketchum, the chief executive of NextEra Energy, one of the country’s largest power producers. “Don’t pull away from renewables, because they’re the only thing we have as a country that we can build to meet the demand that’s here right now and that’s really low cost.”

Wind, solar, and battery storage are quick and cheap to build and could play a crucial role in achieving U.S. energy abundance. According to a new study by S&P Global Commodity Insights, over the next 15 years, U.S. electricity demand could increase by up to 50% due to tech companies erecting massive data centers for artificial intelligence, factories expanding, and millions of people charging their plug-in electric cars. Renewable companies are well-positioned to help meet that growth so that the United States can retain its dominance in manufacturing, electrification, and artificial intelligence. It is projected that in 2025, wind, solar, and batteries will make up 93% of new electric capacity added to American grids. Building new wind turbines or installing solar panels is often the cheapest way to generate additional electrons; they can be built within 12 to 18 months, as opposed to new gas turbines, which are unlikely to come online before 2030, as it can take up to five years to order.