Three New Energy Signals In 2021
3 Things to Watch in Renewable Energy in 2021; This year could be a big one for the renewable energy market.
Matthew DiLallo, January 2, 2021 (Motley Fool)
“…[T]he global economy installed a record amount of new renewable capacity in 2020, primarily powered by surging demand in the U.S. and China. Overall, 90% of the new electricity generating capacity added in 2020 was renewable energy…[and] 2021 could be an even stronger year for renewable energy…[First, pandemic] headwinds should fade in 2021…[New] tailwinds should grow stronger…[By Q3 2021,] the European Union and India will join the U.S. and China in accelerating their shift toward renewables…[Second, the] cost of battery storage has fallen dramatically over the years. A decade ago, it cost between $71 to $81 per megawatt-hour (MWh) for a four-hour battery storage adder to a wind or solar energy project. But by 2020, the cost of adding a battery storage component had plummeted to between $6 to $12 per MWh. And it's currently on track to fall to a range of $4 to $9 per MWh by 2022…
…Only 28% of the utility-scale solar projects built in 2019 had battery storage, but most projects developed in 2021 will likely feature it…[and] companies will likely also retrofit more existing ones with it…[Third, emissions-free green hydrogen will begin to replace natural gas…Several companies are investing in this emerging technology…[and there will likely be] more project announcements and partnerships in 2021…The global economy continued its transition toward renewable energy in 2020, and that trend shows no signs of slowing in 2021…” click here for more