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The future of energy in the United States and globally is about efficiency and next-generation technology. The U.S. Energy Information Association (EIA), in its 2023 Energy Outlook, reports that overall energy demand in the U.S. will continue to grow over the next few decades, with residential and commercial consumption staying relatively flat while industrial and transportation sectors grow in usage. Renewable energy, as shown below, will increasingly compose a larger percentage of the U.S. energy capacity across all sectors, with solar and wind accounting for a combined 40% by 2050 in the EIA reference case.
The Reference case serves as a baseline, or benchmark, case. It reflects laws and regulations adopted through mid-November 2022, including the IRA.
The need for clean, renewable energy is vital for the environment as well as self-sufficiency. Solar and renewable energy helps both residential and commercial buildings generate their own electricity and heat their own hot water, among other attributes, thereby reducing their energy consumption footprint and reducing greenhouse gas emissions while decreasing reliance on often-unreliable public utility grids. This is particularly important for areas that suffer from natural disasters and have natural boundaries to increased energy production.
“Solar PV and other renewables sources represent the most effective and ready solution for addressing growing energy demand and limiting carbon emission at the same time,” according to the International Renewable Energy Agency (IRENA). “Renewables are practical, affordable and climate-safe. They are key to sustainable development, enabling energy access, spurring economic growth, creating employment and improving health. Particularly solar energy is set to become one of the most prominent power sources in 2050.”
A report from the U.S. Department of Energy Solar Energy Technologies Office (SETO) and the National Renewable Energy Laboratory (NREL) found that “solar could account for as much as 40% of the nation’s electricity supply by 2035 and 45% by 2050.” The Solar Energy Industry Association has a goal of reaching 50 GW of solar production capacity by 2030.
However, the move to renewable energy has huge challenges ahead. Production capacity in the U.S. lags far behind levels needed to meet consumer demand as well as benchmarks set by the government and policies such as the Bipartisan Inflation Reduction Act, the Bipartisan Infrastructure Law, and other legislation.
Solar accounted for 50% of all new electricity-generating capacity in the U.S. in 2022, when 20.2 gigawatts (GW) of solar PV capacity was installed. According to the Solar Energy Industry Association (SEIA), this was “the largest annual share in the industry’s history and the fourth consecutive year that solar was the top technology with new electric capacity installations.” The U.S. now has a cumulative total of 142.5 GW of installed capacity, which is enough to power 25 million homes. In the past decade, solar capacity has grown at an average annual rate of 33%. As shown below, residential solar is the second-largest category behind utility. Residential grew 40% in 2022, with 5.9 GW, or around 30%, of new capacity installed.
By 2027, as shown below, SEIA projects that new solar installation capacity will reach over 47 GW, including over 7.7 GW from residential.
Location: Geography
Project Ohio Sunshine will be ideally situated in Ohio’s Southeast Region, and has easy access to major metro areas including Columbus, Cleveland, Cincinnati and Pittsburgh.
The Southeast Region of Ohio has a workforce of over 440,000 people. According to the organization Ohio Southeast Economic Development, “Our companies and our work force have concentrations in metals, polymers & petrochemicals, hardwood products, food processing, heavy truck assembly, auto components, energy production, logistics and back-office operations. Companies can be assured of a skilled work force with our region’s 20 university, college and community college campuses and 11 adult vocational training facilities… Our labor surplus, favorable tax climate, low operating costs as well as abundant and affordable energy make the Ohio Southeast region an ideal location to grow a business.” Major manufacturing and distribution facilities in the region include PACCAR, General Mills, Kraft Foods, Kellogg, AK Steel, Walmart, General Electric, and more.
The region is also within a 10-hour drive of eight of the largest metro areas in the U.S.: New York, Chicago, Washington DC, Philadelphia, Atlanta, Detroit, St. Louis and Charlotte. Strong transportation and logistics infrastructure further complements the region’s workforce: “From our region a company can ship products via rail, barge or truck and reach most of the Northeast, Midwest, and Southeast USA as well as Ontario markets within one day.”