Plummeting Costs are Fueling the Green Energy Transition in the US

Falling energy costs are accelerating America’s transition from fossil fuels to renewables. The green transition in the U.S. is gaining increasing momentum amidst plummeting prices, particularly in the solar energy segment, and bringing the country closer to eliminating coal, oil, and other polluting fossil fuels from its energy mix.

Solar energy costs have plummeted by more than 99% over the past two decades, making it the most dominant renewable form of energy in the U.S. and other major markets. Although natural gas and renewables have trended upwards at the expense of coal for years now, the 2022 Inflation Reduction Act (IRA) accelerated the trend by introducing huge subsidies for green sources of energy.

Data from the Energy Information Administration shows that renewables like solar and wind accounted for over 20% of all the power generated in the United States in 2023 while natural gas made up 43% of total electricity generation up from 24% in 2010. Experts predict that natural gas and solar will experience even more growth over the next decade.

North America Research at BloombergNEF head Thomas Rowlands-Rees says the energy sector is adding more green energy year by year. He noted that most of this attention is on solar energy as it is cheap and scalable. When combined with energy storage facilities, solar energy can ensure a constant supply of clean energy to the grid.

Professor Christopher Knittel from the Massachusetts Institute of Technology (MIT) also believes that low solar energy costs will drive its adoption in America as it will provide an affordable source of electricity. Most consumers may not even care where the energy comes from as long as it is cheap and reliable.

The Environmental Protection Agency notes that unsubsidized solar energy costs have fallen by nearly 85% from 2010 to 2023. Furthermore, the Inflation Reduction Act makes solar energy even more affordable by providing robust tax credits for low-carbon sources of energy. However, these provisions may soon be eliminated by the current Republican administration.

President Donald Trump vowed to undo most of the Biden administration’s climate-based actions and has spent his first few months in the Oval Office doing just that. Some GOP policymakers have argued for the retention of some low-carbon energy source credits but the Republican Party may not be able to secure the intra-party consensus it needs to cut the credits or determine which energy sources will be affected.

Rowlands-Rees says that even if the Trump administration shortens or repeals the IRA’s credits, solar energy isn’t going anywhere. The buildout of solar energy infrastructure could slow down but the market will eventually reach a stage where mass solar energy rollout is economically viable, he said.

The minerals focused upon by companies like Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) will play a key role in this energy transition since they are needed to manufacture solar panels, wind turbines, stationary energy storage systems and in the establishment of grids to distribute the clean energy.

NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF

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