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2.2 HistoryandRecentDevelopmentsofRenewableEnergy 2.2.1 Introduction Renewable energy has long held the promise of making significant contributions to the U.S. energy sector, but it has only been over the past five years or so that newer technologies like wind and solar PV have begun to concretely demonstrate some of that potential. Rapid growth in renewable energy deployment and consumption over the past decade has been achieved by a combination of technological improvements, policy incentives, and periodically high prices for conventional energy sources, although new challenges now face the sector. 2.2.1.1 Characteristics of Renewable Energy Renewable energy sources are diverse and have different types of benefits and challenges. Wind, solar, and ocean energy are plentiful and carry no fuel costs, although their often-higher capital costs can make financing difficult, especially if their energy output is variable or otherwise not dispatchable. Conventional geothermal, biomass, and hydroelectric energy also enjoy no fuel costs and are dispatchable, although the resource base is more limited and location specific. Most renewable energy sources have far fewer greenhouse gas emissions associated with their full life cycle compared to coal and petroleum (Figure 4) and, because they are often available domestically, can help improve aspects of energy security by offsetting reliance on imported fuels.42 A growing body of work has been dedicated to understanding the challenges and costs of increasing integration of renewable energy into the existing energy infrastructure; these studies often conclude that challenges and costs are manageable up to certain levels of renewable 43 penetration but may require changes in operation to traditional business and regulator practices. Finally, most types of renewable energy have fewer conventional pollutants than traditional fossil fuels and generally require less consumable water to operate.44 2.2.2 Renewable Energy Market Activity and Drivers Hydropower, the largest single source of renewable energy in the United States, has seen relatively stagnant growth since the 1970s, but wind, biofuels, and solar have grown rapidly over the past five years. Today, renewable energy exceeds nuclear in the U.S. energy supply (Figure 5). Wind power and ethanol biofuels began growing rapidly in the early 2000s due to high oil and natural gas prices, technological advancements, deployment mandates (i.e., renewable portfolio standards), and fiscal incentives. When fossil fuel prices declined due to the global recession, wind, solar, and other forms of renewable energy continued to see strong growth due to incentives offered in the American Recovery and Reinvestment Act of 2009, traditional tax credits, and state-based renewable energy standards (also known as renewable portfolio standards, or RPSs). Some of the Recovery Act incentives have now expired and the future for renewable energy in general looks more challenging given the low growth in demand for electricity and potentially reduced tax incentives. In addition, low prices for natural gas can make it difficult for renewable energy project developers to sign power purchase agreements, often necessary for financing, and could force many sources of renewable energy to the sidelines until natural gas prices rise. 12PDF Image | Opportunities Synergy Natural Gas and Renewable Energy
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