Solar Energy could supply nearly Half of the Nation's Electricity Nationwide by 2050, in a scenario where the U.S. reaches Net-Zero Carbon Emissions, according to a Study, released Wednesday, by the Department of Energy.
The Department's Solar Futures Study, analyzes Three Possible Scenarios, including Two in which the U.S. Grid is 95% Decarbonized by 2035, and Fully Decarbonized by 2050.
To fulfill that Scenario, Solar would comprise 45% of Electricity Generation by 2050.
In this Scenario, Solar Production would Increase from 3% of Electricity Production in 2021, to 40% by 2035, and to 45% by 2050.
This includes 30% of Energy to Buildings, 14% of Energy for transportation, and 8% of Industrial Energy.
Reaching the Target of 95% Decarbonization by 2035, would require the Country to Install 30 gigawatts Alternating Current per year, from 2021 to 2025, and to Double that Annual Number for the Remainder of the Decade.
The Study Calculated the Net Incremental Cost of a Fully Decarbonized Grid in 2050 as $210 Billion, compared to Net Savings of $1.7 Trillion through averted Damage from Climate Change and Air Pollution.
"The study illuminates the fact that solar, our cheapest and fastest-growing source of clean energy, could produce enough electricity to power all of the homes in the U.S. by 2035 and employ as many as 1.5 million people in the process," Energy Secretary, Jennifer Granholm, said in a Statement. "Achieving this bright future requires a massive and equitable deployment of renewable energy and strong decarbonization polices - exactly what is laid out in the bipartisan Infrastructure Investment and Jobs Act and President Biden's Build Back Better agenda."
The Release of the Study follows an August Memo, in which the Department made a similar Estimate, saying Solar could account for up to 40% of Electricity Generation by 2035.
The Biden Administration has set a Goal of Fully Decarbonized Electricity Generation by that year.
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