Renewable energy markets have been growing in the United States throughout the first half in 2015 even though there is ambiguity over federal tax credits as well as a slow national economy. Wind, geothermal energy, etc. have all been on the rise this year. There have been at least 17,000 megawatts of energy sources put under construction recently (http://www.worldwatch.org/node/5855). The Energy Information Administration states that renewable energy will be a part of one-third of the new generation of electricity added to the U.S. grid over the next couple of years (www.eia.doe.gov/oiaf/aeo/electricity.html).
Wind energy currently has the largest amount of new innovations being done at the moment with 19,500 MW of installed turbines at mid-year, with over 1,000 MW added in the last six months (http://wearemichigan.com/JobsAndEnergy/News/index.html). According to the American Wind Energy Association (AWEA), the total additions in wind energy at the end of the year will equate to 7,500 MW which would have increased the United States wind capacity by 45% (www.awea.org/publications/reports/2Q08.pdf). In just Texas, over 4,200 MW of wind capacity have been installed this year or is currently being constructed. The next highest state is Iowa with 1,770 MW (http://www.worldwatch.org/node/5855).
Geothermal energy is also an expanding market, but not as quickly as the wind energy market. There is almost 3,000 MW on the line right now and 4,000 MW is currently under construction according to the U.S. Geothermal Energy Association (www.geo-energy.org/publications/reports/Geothermal_Update_August_7_2008_FINAL.pdf). Nevada is currently the place to go for U.S. geothermal energy with as much as 1,900 MW throughout the state. The government recent sold $28.2 million worth of leases for geothermal energy exploration, which means that more projects are going to begin soon (www.doi.gov/news/08_News_Releases/080808b.html).
Looking forward for the rest of the year, the U.S. Energy Information Administration reports that renewable energy will be the fastest growing power source up until 2040. New investments in the sector have risen from $9 billion in the first quarter of 2004 to $50 billion for 2015’s first quarter, reports Bloomberg New Energy Finance (http://www.scientificamerican.com/article/strong-future-forecast-for-renewable-energy/). In addition, the sector has grown every year ever since 2000, making it a very promising one.
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