Clean energy grew at a record pace as the United States added 22GW of capacity — the equivalent of 11 Hoover Dams — to the grid from renewable sources last year, significantly trumping new fossil fuel additions, according to a new report.
The report from Bloomberg New Energy Finance (BNEF) and the Business Council for Sustainable Energy (BCSE) cites the declining cost of wind and solar power, largely due to advances in technology, as prime reasons for the rapid adoption of renewables. The cost of building large utility-scale solar photovoltaic power plants for example has been fallen by 50% in just five years.
Renewable energy companies have also benefited from the quick decline in coal power that has resulted from a combination of factors including stiff competition from cheap natural gas and environmental regulation. Coal-fired power plants now provide only 30% of the country's electricity compared with nearly half of the supply in 2008.
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