White House Sets High Solar Energy Goals for 2035 and 2050
Solar energy stocks are in focus Wednesday after the White House debuted a plan to have nearly half of the country's electricity provided by solar energy by 2050.
The U.S. Department of Energy released the Solar Futures Study, which details the role solar energy will play in "decarbonizing" the country's power grid.
“The study illuminates the fact that solar, our cheapest and fastest-growing source of clean energy, could produce enough electricity to power all of the homes in the U.S. by 2035 and employ as many as 1.5 million people in the process,” said Secretary of Energy Jennifer Granholm.
The department's goal is to increase solar energy's 3% market share in 2020 to 40% by 2035 and 45% by 2050.
After installing a record 15 gigawatts of solar energy capacity in 2020, the DOE estimates that by 2035 the U.S. would need to quadruple its yearly solar capacity additions and provide 1,000 gigawatts of power to a renewable-dominant grid.
The DOE's plan also calls for limits on carbon emissions and "mechanisms to incentivize clean energy" as the U.S. won't be able to fully decarbonize the grid without those measures.
Meanwhile, President Joe Biden said that "climate change poses an existential threat to our lives, to our economy... the nation and the world are in peril," while visiting areas in New York and New Jersey that were affected Hurricane Ida.
Meanwhile SunPower Corp. (SPWR Get SunPower Corporation Report dropped 2.3%, SolarEdge Technologies (SEDG Get SolarEdge Technologies, Inc. Report fell 1.4% and Enphase Energy (ENPH Get Enphase Energy, Inc. Report shares declined 2.2% at last check.