2023 renewable energyindustry outlook ContentsRenewable energy growth set for takeoff amid supply and interconnection turbulence 3 Trends to watch 1. Domestic manufacturing Rising clean energy component manufacturing could ease supply chain snags over time 4 2. Decarbonized fuel New clean hydrogen economics could open avenues for renewable providers 5 3. Energy equity IRA helps spur renewable providers to pursue opportunities in low-income communities 6 4. Cybersecurity Renewable energy industry focuses on managing increasing cyber risk 75. Offshore wind Offshore wind industry addresses challenges to unlock rapid growth 8 Growth unleashed within limits 9 Let’s talk 1022023 renewable energy industry outlook2Renewable energy growth set for takeoff amid supply and interconnection turbulenceIn 2022, US renewable energy growth slackened its pace due to rising costs and project delays driven by supply chain disruption, trade policy uncertainty, inflation, increasing interest rates, and interconnection delays.1 Many of these challenges will likely carry over into 2023, creating strong headwinds. But growth will likely accelerate powered by robust demand and the record-breaking raft of clean energy incentives in the Inflation Reduction Act (IRA). The United States added 5.7 gigawatts (GW) of utility-scale solar generation capacity and 7.5 GW of wind capacity in the first eight months of 2022, down 26% and 8%, respectively, from January to August 2021.2 Nevertheless, wind and solar accounted for nearly 70% of capacity added, and renewable energy’s share of US electricity generation rose to 23% from 21% during the same period.3Moving into 2023, drivers for renewable growth are some of the strongest the industry has seen, ...
