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In some cases, renewable energy is the cheapest option. For each megawatt-hour of energy generated, one analysis found that the levelized cost of energy (a statistic used to compare the costs of generating energy) is $32 to $42 for solar and $28 to $54 for wind, while it is $44 to $68 for some kinds of generation from natural gas, $66 to $152 for coal, and $118 to $192 for nuclear energy. Plus, the costs of fossil fuel energy generation do not include the complete costs created by their environmental effects.
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As of January 2020, the federal Energy Information Administration projects that renewable energy will constitute an increasing fraction of U.S. energy generation, with energy from solar photovoltaic cells and wind growing most dramatically.
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However, renewable energy growth will depend on a number of economic, political, and other variables. Tax credits and subsidies for renewables and for fossil fuels influence these fuels’ relative affordability, as do other policies. For example, as of April 2020, 30 states and the District of Columbia have renewable portfolio standards that designate how much energy suppliers must obtain from renewable sources by certain target dates.
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Many individuals and small businesses have installed wind or solar systems. These small-scale systems produced under 1% of U.S. electricity generation in 2019, but they allow many homes and buildings to sustainably generate their own energy and even sell leftover energy to the grid.
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Ongoing research aims to develop more efficient and environmentally friendly renewable energy technologies. For example, newer photovoltaic cells are more affordable, more efficient, and more flexible for use in a wider array of applications, such as shingles or window coatings.
