For years analysts and experts have been speculating that solar energy and clean energy in general would eventually compete in cost with traditional fuels. This idea no longer requires looking into the future. As we summarized in How Solar Energy is Winning Over Fossil Fuels, already in 2020, new solar energy and other clean energy capacity will be added at double the rate of all other electricity sources. This steady growth in electricity from renewable energy sources is mostly driven by competitive costs.

Still, many of the same analysts and experts believe the traditional means of generating electricity – through large fossil fueled power plants and nuclear facilities – are a multiple decade necessity, also referred to as a bridge to a fully renewable energy future.

While there is no evidence that fossil fueled plants will disappear any time soon, we think recent data and reporting indicate that the bridge to a fully renewable future may be shorter than anticipated. Consider the following highlights:

The Public View

In repeated studies, Pew Research has found a growing majority of Americans favor clean energy. Overall, about three-quarters of Americans agree that the more important energy priority should be developing renewable energy sources such as solar power and wind rather than increasing U.S. production of fossil fuels.

Coal Power in a Steady Decline

According to the U.S. Energy Information Administration, from 2010 and the first quarter of 2019, U.S. power companies announced the retirement of more than 546 coal-fired power units. In total, this represents about 102 gigawatts of electricity capacity.

The lower fuel and operating costs for natural gas fired power units combined with the more recent explosion of solar power and wind capacity across the U.S. power grid are gradually driving coal out of the utility market. However, all is not promising for the future of natural gas, either.

Investors Cautious with Natural Gas

Most natural gas utility indexes are trading at lower values compared to earnings than in the past decade, or more. This is leading some analysts to declare Wall Street is falling out of love with a once-coveted fossil fuel.

Investors are reacting in part to increasingly aggressive state policies targeting 50% to 100% renewable energy futures. For example, Natural Gas Power Plant Retirements in California are moving at a pace to remove nearly 10 GW of electricity generating capacity from that region.

Clean Energy Cooperation in New England

In addition to Massachusetts, most every state across New England continues to amplify renewable energy portfolio requirements and supporting clean energy policies. Each state’s goal is to drive the adoption of clean energy to make the portfolio targets attainable. For example, in Massachusetts, solar energy and wind are allocated incentives to reach the goal of 35% renewable energy by 2030.

The best news is that major utilities and the non-profit regional power transmission manager, ISO New England, work together to propose innovative solutions for the future. They are finding ways to improve grid resiliency while accommodating the solar and wind expansion, and maximizing the existing traditional electrical generation capacity.

Massachusetts Leads in Clean Energy

In Massachusetts, offshore wind energy farms will be adding growing gigawatts of clean energy capacity to utility portfolios for years to come. Yet many businesses and organization can also become energy independent and cut power costs for decades. A dedicated, behind the meter solar energy system have been a better value. As it displaces traditional electricity generation, it becomes an even safer investment and use of your money. Find out more about your solar future: