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Analysts at the Energy Department's National Renewable Energy Laboratory (NREL) are providing, for the first time, a method for measuring the economic potential of renewable energy across the United States.
A study applying this new method found that renewable energy generation is economically viable in many parts of the United States largely due to rapidly declining technology costs.
The report, Estimating Renewable Energy Economic Potential in the United States: Methodology and Initial Results, describes a geospatial analysis method used to estimate the economic potential of several renewable resources. Economic potential is a metric that quantifies the amount of economically viable renewable generation that is available at a specific location. Analysis to date includes photovoltaics (PV), wind, geothermal, biomass and hydropower resources.
"This report presents one method for estimating economic potential," NREL Energy Analyst Philipp Beiter said. "The initial results are intended to explore this method as a screening metric for understanding the economic viability of renewable generation at a detailed geospatial resolution."
Looking at the potential at developable sites, the report found that when the social cost of carbon is taken into account, renewable generation is economically viable in many parts of the country. At 2014 costs, the technologies combine for 820 terawatt-hours of estimated economic potential beyond the generation from renewable energy facilities already in operation. This additional potential is equivalent to nearly 20 percent of total U.S. annual electricity generation from all sources in 2014.
"Declining renewable technology costs are a significant driver for these results," Beiter said. "Economic potential has more than tripled as a result of cost reductions already realized for renewable generation technologies between 2010 and 2014, particularly for wind and solar PV."
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