Last week, I wrote about wind power, and how it’s one of the fastest-growing sources of renewable energy.
But another key source of clean energy is solar power.
That’s why President Joe Biden’s infrastructure plan allocates $355 billion and provides tax incentives to advance solar power and other renewable energy projects.
In addition, Biden has set a goal for 100% of our electricity to come from clean energy sources by 2035.
Solar power will be a big part of the New American Economy. So, read on to find out if your state is a leader in this up-and-coming alternative energy…
The Push for Clean Energy
ChooseEnergy.com’s April Solar Report analyzed data from the U.S. Energy Information Administration.
It looked at more than 8.4 million megawatt-hours (mWh) of solar power generated across the country in January.
The states that generated the most solar power are as follows:
- California: 2.8 million mWh.
- Texas: 776,000 mwH.
- Florida: 649,000 mWh.
- North Carolina: 563,000 mWh.
- Arizona: 558,000 mWh.
- Nevada: 353,000 mwH.
- New Jersey: 244,000 mWh.
- Massachusetts: 238,000 mWh.
- New York: 209,000 mWh.
- Utah: 193,000 mWh.
As you can see, California has a huge lead over the other states. It accounted for one-third of all solar power in the U.S.
California’s sunny weather helps, of course. But a big reason for its booming solar industry is its Renewable Portfolio Standard program.
The program, which became law in 2002, required the state to get 20% of its electricity from renewable sources by 2017.
Thanks to updates to the law in 2015 and 2018, California could be 60% renewable by 2030. That gives the state a huge head start in the national push for 100% clean energy.
Solar Power Growth Around the Globe
My home state, Florida, still has a lot of work to do in terms of building its solar power industry. (Our nickname is “The Sunshine State,” after all.)
But Florida Power & Light’s newest Solar Energy Center went online last month. The 485-acre site in Palm Bay has more than 284,000 solar panels.
The utility company recently announced a plan to install 30 million solar panels by 2030, with the goal of “making Florida a world leader in solar energy.”
And this kind of incredible growth is happening across the U.S., as well as in China, Japan and other countries.
In a recent trade alert sent to Strategic Fortunes subscribers, Ian King noted “industry experts forecast that $4.2 trillion will be invested in expanding global solar capacity […] between 2020 and 2050.”
He continued: “Companies up and down the supply chain stand to benefit.”
Ian then recommended one undervalued company to his readers, saying: “This is a great opportunity to invest in the solar power industry at a discount.”
You can get his stock pick, and learn more about Strategic Fortunes’ strategy, by clicking here.
Assistant Managing Editor, Banyan Hill Publishing