The future of green energy in the US is looking bright.
According to a recent report by research, accounting, and investing giant Ernst & Young, the US has become the second most attractive country for investing in the renewable energy sector. If you are looking for an opportunity to invest in a green energy business, now is the right time to do it.
A Bright Future for the Renewable Energy Sector
The E&Y report, entitled the 2018 Renewable Energy Country Attractiveness Index (RECAI), shows that the US comes second only to China in terms of viability in the renewable energy market.
In 2017, India ranked second, preceded by China in the first place. Out of the 40 countries that had been included in the RECAI ranking, the US has landed in the third spot.
This year, the US regained the second slot, followed by Germany in the third spot. India, after being knocked off its perch on the second spot, has fallen to the fourth slot. China retained its top position.
Policy Enablement a Key Factor
The E&Y report says that while the increasing cost-competitiveness of renewables has significantly affected market attractiveness, policy enablement is also a strong market driver. The report also demonstrated the interest of many of the world’s largest oil companies in the renewable energy market, marked by a recent wave of investment in the sector.
According to the report, solar in particular remains a significant proportion of the overall weighting.
E&Y’s report corroborates the study released by the International Energy Agency (IEA) in 2016. The IEA report revealed that in the same year, renewable energy made up two-thirds of new power added to grids all over the world. Solar power was identified as the fastest-growing source of new energy worldwide. For the first time, solar has outdistanced any other forms of power generation in terms of growth, which led experts to hail a “new era.”