A new annual energy outlook report from the U.S. Energy Information Administration states renewable energy will provide 16 percent of the nation's energy demand by 2040. In 2011, renewable sources like solar and wind were meeting 13 percent of the U.S. demand, PVTech reported.
Specifically, the report said solar energy will be the leading renewable energy in the United States, with the photovoltaic market growing the fastest in the renewables sector. PV installations will account for 17 percent of all renewable electricity generated by 2040.
Advanced technologies and lowered prices of solar energy components are driving popularity of the solar projects, the article stated. EIA Administrator Adam Sieminski said as the country moves to increase its domestic energy production, solar installations and other renewable energy sources will become more widespread.
Another report from the U.S. Energy Department stated that not only is the United States looking to produce more electricity from renewable sources, but it is also manufacturing the components necessary to build renewable energy projects. According to the report, nearly 70 percent of all equipment used to install wind farms in 2011 across the nation came from domestic manufacturers. In 2005, only 35 percent of components, including turbines, towers and blades came from U.S. companies, American Recycler reported.