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Before we go on to learn about the green energy stocks in the US, let us first understand what drives the production of renewable energy in the country. Renewable energy is the fastest-growing energy source in the US. Renewable energy consumption in the US increased by 42% from 2010 to 2020.
Factors driving renewable energy production in the US include market conditions (demand, transmission, resource availability, cost, etc.), policy decisions (tax credits, tariffs, etc.), and regulations. Sustainable business goals also drive renewable energy generation by building or installing their own solar roofs and wind farms.
Renewable energy sources like solar and wind energy have seen substantial cost declines in the past decade. Between 2010 and 2019, the cost of solar photovoltaic cells fell 82%. The cost of onshore wind projects also fell by 39%.
An increase in demand for these renewable energy sources will see an increase in the manufacture and development of these technologies. Costs will be further reduced, which will increase the incentive for more people to consume renewable energy.
The United States has an abundance of renewable energy resources. Iowa, Minnesota, the Appalachian Mountains, and the Great Plains have concentrated areas of wind resources. The southwest desert has the country’s highest concentration of solar power resources. The western part of the country has a dense network of geothermal resources.
Many people have a misconception that Tesla is just an electric vehicle company. While it does deal in the automobile industry, it is also one of the few companies involved in storing electricity in batteries. They’ve ventured into developing solar panels in the shape of roof tiles.
Pacific Gas & Electric is a utility company. It has its headquarters in San Francisco, California. The company has largely shifted towards renewable energy production.
The company offers customers only renewable energy. It’s capacity for solar and wind energy production grows every year. The company also helps private and corporate businesses and individuals set up their own solar power generation. They help customers with electric vehicles set up charging points that provide renewable energy.
The company has less than 20% of the carbon emissions associated with its energy production. The company’s emissions are tied to a small number of natural gas power plants. All other energy is hydroelectric, nuclear, and fully renewable.
NextEra is one of the world’s biggest clean energy producers. The company is also one of the biggest when it comes to planned investments to increase its services for electricity generation. Over the next two years, the company plans to expand its solar and wind output with an expenditure of 50 billion dollars.
NextEra is honest, open, and transparent about the impacts of its operations on the environment. The company carefully tracks its emissions and works on reducing them.
General Electric is an active company in the renewable energy sector. The company has taken significant steps to move away from fossil fuels. Their industrial energy production products include solar, wind, and hydropower turbines. General Electric regularly announces new contracts with utility companies all over the US.
The company produces over 400 GW of renewable energy. This includes the power from 50,000 wind turbines. It has a huge revenue growth potential and is one of the top green energy stocks in the US, producing renewable energy on a large scale.
The founders of Enphase Energy had a particular goal in mind when they founded the company – bringing innovations to the solar energy market. Today, the company specializes in manufacturing micro-inverters. Their micro-inverters are scalable and compatible with the majority of different solar panels on the market.
Its short history has distributed over 40 million micro-inverters to over 130 different countries. That is an incredible revenue growth trajectory. The trajectory is expected to grow with the increasing demand from individuals and businesses to have solar panels installed.
Vestas deals with producing and storing clean energy, primarily from wind energy technology. They provide services like the installation and maintenance of large-scale wind farms. Many electricity producers and utility companies avail of these offers. It is a leader among clean energy companies in increasing the production capabilities of individual wind turbines.
Their advanced wind energy systems can produce up to 4 MW, making the company the most in-demand clean energy solution provider.
Before the mid-1800s, nearly all of the United States depended on wood for energy to cook, heat, and light up their homes. But, from the 1800s till today, fossil fuels like coal, natural gas, and petroleum have been the primary energy sources for the US.
Until the 1990s, renewable energy from wood and hydropower was the most used renewable energy source. Since then, the amount of energy produced from biofuels, solar, wind, and geothermal energy in the US has increased. 2020 marked a record high in renewable energy production in the US.
Renewable energy plays a crucial role in US energy security. It also helps the country significantly reduce its greenhouse gas emissions. Large-scale consumption of renewable energy ensures that the US can reduce energy imports and fossil fuel use. Experts predict that renewable energy consumption in the US will continue to increase through 2050.
Also Read: Green Energy Stocks in Canada