Investing in America: Clean Energy Progress Report – Mid-2024

Authors:
Heather Boushey, Chief Economist, Investing in America Cabinet
Justina Gallegos, Deputy Director for Industrial Innovation, Office of Science and Technology Policy

Update: This report updates the original December 2023 publication with data and developments from the first half of 2024. Buckle up, because things are movin’ and groovin’ in the clean energy sector!

Executive Summary

Remember all that buzz about President Biden’s Investing in America agenda? You know, the one with the Bipartisan Infrastructure Law and the Inflation Reduction Act? Well, it’s not just talk anymore. We’re seeing some serious dough pouring into clean energy tech, and it’s kinda a big deal.

We’re talkin’ nearly $880 billion in private sector investments since January 2021. That’s right, the bigwigs are betting big on clean energy manufacturing, electric vehicles (EVs for those in the know), batteries, and clean power.

But here’s the kicker: this isn’t just some pie-in-the-sky dream. We’re already seeing real, tangible results:

• Manufacturing construction spending? More than doubled since President Biden took office. Boom!
• Solar and wind power? They’re about to explode, leaving those old forecasts in the dust.
• Grid-scale energy storage? We’re talking massive expansion, way ahead of schedule.
• EV sales? They’re on fire! We hit a million in 2023, years ahead of anyone’s wildest predictions.

So, what does this all mean? Well, for starters:

• We’re giving those greenhouse gas emissions a run for their money.
• Our energy security? Getting stronger by the day.
• The economy? Booming, baby! Clean energy investments are fueling GDP growth and might even pay for themselves in the long run. Who doesn’t love a good return on investment?

Introduction

Let’s be real, folks. Climate change is the ultimate party foul. But here’s the good news: the Investing in America agenda is like a breath of fresh air (pun intended!). It’s all about attracting those deep pockets in the private sector to invest in clean energy. Why? Because a thriving clean energy sector means a strong economy and a healthier planet. Win-win!

This report is like a progress report card (and spoiler alert: we’re getting straight A’s!). We’re diving deep into the world of clean energy deployment and showcasing how it’s reshaping our economy and environment for the better.

Private Sector Investment Surpasses Expectations

Remember that nearly $880 billion we mentioned earlier? Yeah, that’s a BFD. It’s way more than anyone expected, proving that businesses are ditching the fossil fuel FOMO and hopping on the clean energy bandwagon.

And get this: manufacturing facilities are popping up faster than daisies in spring. Since President Biden took office, construction spending in this sector has more than doubled. We’re not just talking about a little makeover; we’re talking about a complete transformation.

Clean Energy Deployment Gains Momentum

Okay, so we’ve established that companies are throwing cash at clean energy like it’s going out of style. But let’s get down to the nitty-gritty: what are they actually investing in? And more importantly, is it making a difference?

Solar and Wind Power: The Dynamic Duo

Remember those old energy sources, like, coal and oil? Yeah, they’re so last season. Solar and wind power are the new kids on the block, and they’re here to stay. Manufacturing capacity for these renewable rockstars is growing faster than a Chia Pet on steroids. We’re talking massive factories churning out solar panels and wind turbines like there’s no tomorrow.

And the best part? Those 2030 deployment projections? Totally blown out of the water! Solar installations are breaking records left and right. In fact, we’re on track to double 2023’s figures in 2024 alone. That’s enough solar power to light up a small country (or at least a really big city).

Grid-Scale Energy Storage: Keeping the Lights On, 24/7

Imagine a world where the wind is always blowing, and the sun is always shining. Sounds pretty ideal, right? Well, in the real world, we have this thing called “nighttime” and “cloudy days.” That’s where grid-scale energy storage swoops in to save the day (and night).

Thanks to some seriously smart incentives, we’re seeing off-the-charts deployment of energy storage capacity. We’re already ahead of the latest forecasts, and frankly, it’s kind of mind-blowing. Since the beginning of the Biden-Harris Administration, storage capacity has increased by, wait for it… twelvefold! That’s like going from a piggy bank to a vault overflowing with clean energy savings.

Electric Vehicles: The Future is Electric, Baby!

Okay, let’s talk about those sweet rides. EVs are no longer just for eco-warriors and tech geeks; they’re going mainstream, baby! And why wouldn’t they? They’re sleek, they’re silent, and they run on electricity, not dinosaur juice.

Thanks to massive investments in EV and battery manufacturing, charging infrastructure is popping up faster than Starbucks in a strip mall. And let’s not forget about those sweet, sweet consumer tax credits, making EVs more affordable than ever. The result? EV sales are through the roof! We’re talking about a gazillion new models (okay, maybe not a gazillion, but a lot!), more public charging ports than you can shake a stick at, and a whole lot of happy drivers saving money on gas.

Benefits of Clean Energy Deployment: Reaping the Rewards

Okay, so we’ve covered a lot of ground, but here’s the bottom line: investing in clean energy isn’t just some feel-good, save-the-planet initiative (though, that’s a pretty great perk!). It’s about creating a stronger, more prosperous future for all of us.

Climate Change Mitigation: Turning Down the Heat

Let’s face it, climate change is the ultimate buzzkill. But here’s a glimmer of hope: accelerating clean energy deployment is like turning down the thermostat on a runaway planet. By ramping up our use of solar, wind, and other renewable sources, we’re on track to significantly reduce U.S. emissions by 2030. We’re talking about a serious dent in those harmful greenhouse gases, which is good news for everyone (except maybe those pesky climate change deniers).

Enhanced Energy Security and Reliability: Kiss Fossil Fuels Goodbye!

Remember those days when we were at the mercy of foreign oil and those volatile gas prices? Yeah, not fun. But here’s the thing: increasing our reliance on domestic clean energy sources means we’re calling the shots. We’re less dependent on those traditional fuels, which means more energy independence and a whole lot less vulnerability to global energy shenanigans.

And it gets even better! Energy storage and distributed energy resources (those are fancy terms for things like rooftop solar and home batteries) are making our grid super resilient. That means fewer outages, even when Mother Nature throws a tantrum.

Oh, and let’s not forget about those EV drivers cruising past the gas stations with a smile. The transition to EVs means we’re all less impacted by those oil price roller coasters. Goodbye, gas-guzzler guilt! Hello, smooth, electric ride!

Economic Growth and Job Creation: Clean Energy Means Big Bucks

Who says saving the planet can’t be profitable? Clean energy investments are like a shot of adrenaline straight into the heart of our economy. We’re talking about GDP growth, baby! And manufacturing construction is playing a starring role, creating jobs faster than a hot new tech startup.

But here’s the real kicker: public investment is like a magnet for private sector dollars. Every dollar we invest in clean energy attracts even more investment from companies eager to get in on the action. It’s a beautiful cycle of economic growth and environmental progress.

And the best part? Those long-term economic benefits? They’re projected to blow the costs of the clean energy transition out of the water. That’s right, investing in clean energy is not only the right thing to do for the planet, but it also makes good financial sense. Who doesn’t love a win-win?

Conclusion: The Future is Bright (and Clean!)

So there you have it, folks. The Investing in America agenda is like a clean energy superhero, swooping in to save the day (and the planet!). We’re seeing unprecedented deployment of clean energy technologies, and the results are nothing short of amazing.

We’re talking about fewer emissions, a stronger energy grid, and an economy that’s booming. We’re exceeding expectations, proving that the Biden-Harris Administration’s clean energy policies are not just talk, but they’re creating a brighter, cleaner, and more prosperous future for all Americans.