Renewable energy currently accounts for 13% of the domestically produced electricity in the United States and 11% of total energy generation. Biomass fuels account for about half of renewable sources, hydroelectric as 30%, wind power as 15%, solar as 2% and geothermal as 2%. 2011 was the first year since 1997 that renewables exceeded nuclear in US total energy production. Renewable energy as you can see accounts for a variety of different sources, all alternatives to burning fossil fuels. The technology ranges from solar photovoltaics, solar thermal power plants and heating/cooling systems, wind farms, hydroelectricity, geothermal power plants, ocean power systems, and the use of biomass.
In the report Outlook on Renewable Energy in America by the American Council on Renewable Energy (2007, page 7), it explains the need for renewable energy in the United States:
“America needs energy that is secure, reliable, improves public health, protects the environment, addresses climate change, creates jobs, and provides technological leadership. America needs renewable energy. If renewable energy is to be developed to its full potential, America will need coordinated, sustained federal and state policies that expand renewable energy markets; promote and deploy new technology; and provide appropriate opportunities to encourage renewable energy use in all critical energy market sectors: wholesale and distributed electricity generation, thermal energy applications, and transportation.”
As part of the American Recovery and Reinvestment Act of 2009, or the Stimulus, the Obama Administration allocated $27.2 billion to energy efficiency and renewable energy research and investment. Of that total, six billion dollars were loan guarantees for renewable energy and electric transmission technologies; $800 million for biofuel research, development and demonstration projects; $400 million for electric vehicle technologies; and $115 million to develop and deploy solar power technologies just to name a few key expenditures. This act was a response to the great recession and it also included government aid to infrastructure, health care, education, homeland security, and law enforcement. The act also extended the investment tax credit for solar energy, the production tax credit for wind energy, and it allowed renewable energy developers to receive government grants instead of tax credits. To top it all off, President Obama said, “By 2035, 80 percent of America’s electricity will come from clean energy sources” in his 2011 State of the Union Address.
According to Global Trends in Renewable Energy Investment of 2014 by the Frankfurt School FS-UNEP Collaborating Centre for Climate & Sustainable Energy Finance, renewables excluding hydro projects accounted or around 45% of the new generating capacities installed worldwide in 2013. In 2012, the world electricity generation from renewables was 7.8% and in 2013 it was 8.5%. Unfortunately, new investment in renewable energy excluding hydro-electric projects fell 14% in 2013 from $250 billion to $214 billion. This fall was a disappointment to investors and financiers hoping to see the decarbonisation of the energy system in their lifetimes. China, the United States, Europe, and Japan all had major setbacks in renewable energy investment excluding research and development. Even so, it was the first year China invested more in renewable energy than all of Europe. The measly $214 billion was the lowest figure of global investment since 2009.
Some key findings in the report were the fall in total investment can be traced the decline in solar system prices and the lack of policy certainty in many countries in regards to climate change. The decline in investment did bear some good news, however. For example, the reduced cost of solar photovoltaic systems meant they were cheaper to install and 2013 brought a 54% recovery in clean energy share prices. Another benefit was the 2013 cost reductions and efficiency improvements were able to spread onshore wind and PV (photo-voltaic) projects to be built-in a growing number of places around the world without subsidies. With local sunshine and lots of wind resources, wind and PV may be able to surpass fossil-fuel options.
The overall investment might have fallen in 2013 on a global scale, but the mood was more cheerful, share prices were up, and the atmosphere of renewable energy being chosen for projects around the world became more competitive, driving costs down.
Sources:
http://www.recovery.gov/arra/Pages/default.aspx
In The Moment Photography 
Great post with some good information!
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