Key takeaways


023 has been a standout year for clean energy in the United States. Driven by the trailblazing Inflation Reduction Act (IRA) of 2022, the nation has seen an unprecedented boost in green energy initiatives, with nearly 200 projects announced. Let's dive into a summary from Environmental Entrepreneurs (E2) to get the full picture.

Green Growth Galore

E2's 2023 research highlights an impressive inflow of private sector investments in new green energy projects. These range from high-tech solar panel factories to electric vehicle (EV) and battery production, as well as other renewable energy endeavors.

The year saw a whopping 196 clean energy and vehicle ventures, attracting nearly $64 billion in investments and generating over 61,000 jobs. Interestingly, the manufacturing industry dominated, with over 80% of the projects and 95% of the investments.

The U.S. is expanding solar tax benefits to boost renewable energy access in underserved communities. This initiative aims to promote environmental justice and reduce energy costs for all.

Solar Among the Leaders

In the clean energy arena, the trio of solar power, batteries, and electric vehicles, has been particularly noteworthy. The EV sector led with 85 projects, drawing in over half of the total investments at $38 billion. Solar power, too, was a star performer with 53 projects and investments totaling around $10.77 billion. Battery and storage projects made a significant mark with 41 ventures and $26.75 billion in investments. Wind energy followed, contributing 17 projects and nearly $3 billion in investments.

Solar system types include grid-tied, off-grid, and hybrid systems. Each type has distinct characteristics and is suitable for different applications and locations.

Geographic Spread

The spread of these projects across the U.S. was impressive. Georgia topped the list with 22 announcements, followed by Texas, Michigan, South Carolina, North Carolina, and Tennessee. North Carolina took the lead in the race for capital investments, securing $11.2 billion for clean energy projects. It was followed by Georgia, Indiana, South Carolina, Michigan, and Nevada.

The Impact of the IRA

The Inflation Reduction Act has been the turbocharger behind this clean energy explosion. Since its introduction in 2022, over 274 major projects have been announced, luring more than $110 billion in private investments and creating over 95,000 jobs.

Looking Forward

As 2024 unfolds, the potential of green energy only seems to expand. “Every month we are seeing the spark ignited by the Inflation Reduction Act and other federal policies continue to heat up the economies of local communities nationwide,” says Bob Keefe, executive director of E2. These policies are working – and now so is America.”


Key takeaways

Jan 30, 2024
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