The Biden Administration has outlined a plan for solar energy to supply nearly half of the country's electricity by 2050. The ambitious outline would see solar rising from 3 percent of generation in 2020 to 40 percent by 2035, before ultimately hitting 45 percent by 2050.
The US Department of Energy released a blueprint on Wednesday showing how the nation could move towards producing nearly half of its electricity need from solar energy by 2050.
Currently, it is sub 4 percent levels, and they expect it to take up to 45 percent. The study showed that solar energy has the potential to power 40 percent of the country's electricity need, 100 percent of homes, and it can employ up to 1.5 million people without raising electricity prices.
This would result in savings of $1.1 trillion to $1.7 trillion, and the transition to clean energy will generate nearly 2 million jobs across technologies.
Now, to reach the target the government expects a rapid increase in solar installations and focuses on how the US needs to double the amount of solar energy installed annually over the next four periods.
In terms of timeline, the US needs to double the amount of solar energy installed annually over the next four years versus 2020 and then double annual installations again by 2030.
The US has to average 30 gigawatt of solar capacity installations per year before 2025 and 60 gigawatt per year from 2025 to 2030.
Wind and solar will collectively provide 75 percent of electricity by 2035 and 90 percent by 2050. The study also highlights that there is a need for massive investments and continued technological advances to lowered the cost of solar energy and this is necessary to enable the execution and even though solar panel costs are lower, there is further need to lower the cost, according to the study.
The study suggested that more push is needed globally to ensure lower emissions and faster move to renewables and clean energy.