Report Forecasts Industry Growth and Highlights Policy Recommendations to Advance an American Renewable Energy Economy
Jointly Authored by U.S. Renewable Energy Trade Associations
Washington, D.C. March 31, 2014 – The American Council On Renewable Energy (ACORE) today announced the release of The Outlook for Renewable Energy in America: 2014, jointly authored by U.S. renewable energy trade associations from the power, thermal, and fuel sectors.
The Outlook assesses the renewable energy marketplace and forecasts the future of each renewable energy technology sector, from the perspectives of each of the associations, and provides a list of policy recommendations by the respective associations that would encourage continued industry growth.
“ACORE applauds the unity of the renewable industry community and this united front as reflected in The Outlook for Renewable Energy in America: 2014,” said ACORE President and CEO, Michael Brower.
“The report demonstrates the many public and private sector opportunities that exist at the national, regional and local levels for continued industry advancement and investment; however, they are not one-size-fit-all solutions for every renewable technology.
The articles in the report detail specific market drivers for the biofuel, biomass, geothermal, hydropower, solar, waste, and wind energy sectors.”
“The financial markets have responded to greater American consumer interest in renewable energy with increasing levels of private sector investment,” said Jeffrey Holzschuh, Chairman of Institutional Securities at Morgan Stanley.
“Spurred by growing individual as well as business demand, private sector investment in the U.S. clean energy sector surpassed $100 billion in 2012-2013, stimulating significant economic development while supporting hundreds of thousands of jobs.”
The trade associations who participated in the Outlook are: Advanced Biofuels Association; American Wind Energy Association; Biomass Power Association; Biomass Thermal Energy Council; Energy Recovery Council; Geothermal Energy Association; Growth Energy; National Hydropower Association; Ocean Renewable Energy Coalition; and the Solar Energy Industries Association.
The industry-specific authors of The Outlook forecast renewable energy’s growth to continue, driven by increasing cost-competitiveness with conventional generation, technology advancements, and acceptance by Americans to embrace clean and renewable technologies.
Linda Church Ciocci, Executive Director, National Hydropower Association commented,
“Certainty is integral to hydropower’s continued growth over the next five years. Doubt surrounding the extension of tax incentives and the possibility of a drawn out licensing process are the main deterrent for developers that Washington must address.”
“Wind energy is now among the largest sources of new electric power in the U.S.,” said Tom Kiernan, CEO of the American Wind Energy Association.
“Technology innovation and U.S. manufacturing have reduced its average cost by 43 percent in just four years. The economic benefits are reaching communities and consumers all over America, with an average of $15 billion a year in private investment and savings on electric bills also now in the billions a year. We’re on track to generate 20 percent of the electricity in America from wind by 2030, and already produce over 25 percent in Iowa and South Dakota.”
“The U.S. is a world leader in geothermal power generation,” said Karl Gawell, Executive Director of the Geothermal Energy Association, “but to sustain that role, we need the kind of collaboration shown at ACORE’s recent National Renewable Energy Policy Forum to reach state and federal leaders so they will recognize the value of achieving the full potential and diversity of renewable energy.”
“The world has witnessed a sea change in the drivers of energy production and demand,” commented Michael McAdams, President, Advanced Biofuels Association (ABFA).
“ABFA believes these issues can be an opportunity and driver for advanced and cellulosic biofuels and we welcome the opportunity to participate with ACORE and the renewable energy community to help support the development and deployment of all renewable technologies.”
ACORE advocates that an America powered on renewable energy and renewable fuels is a stronger, more secure, cleaner, and more prosperous America.
The Outlook for Renewable Energy in America: 2014 shows the potential of America’s renewable energy economy to extend beyond one fuel choice or pipeline, to provide the country with an unparalleled opportunity to reinvigorate the U.S. economy while protecting our environment.
The Review can be downloaded here: http://www.acore.org/outlook2014
ACORE, a 501(c)(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2014 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org .