The calendar may have changed from 2022 to 2023, but many recent trends in renewable energy are expected to continue in the coming months. Meanwhile, 2023 may also bring exciting new advances for the clean energy world. So let’s take a closer look at five predictions and renewable energy trends for the year ahead.
1. Artificial Intelligence (“AI”) Powers Up In the Energy World
AI has grown by leaps and bounds in recent years. These days, AI can write content, drive cars, automatically detect fraud or suspicious behavior, and everything in between. 2023 is likely to be the year this groundbreaking tech makes a more significant impact in the energy sector, both for utilities and energy producers and everyday people alike. AI can help predict and manage maintenance for energy production or transmission systems, allowing more efficient work schedules and the ability to anticipate and solve problems before they happen. It can also be deployed to manage the increasingly complex power grid, helping to ensure the proper mix of sources is producing enough power without wasting it.
For the average power customer, AI can learn their preferred heating and cooling schedule and temperatures, automatically adjusting conditions to desired levels while considering demand on the grid, energy prices, and other factors. These are only a fraction of the vast possibilities that AI will bring to the energy industry over the years to come [1].
2. The Rise of Solar Power Continues
Solar power is already the largest renewable energy source in the United States, and 2023 will see capacity expand even further. By some estimates, the world will pass one terawatt of solar power production, an enormous amount of energy that also represents incredible growth in the past decade. Federal tax credits remain in place for solar investment projects, and many states offer additional incentives for personal solar arrays on home or business rooftops[2]..
3. Energy Storage Changes the Game
With so much solar power generation capacity, one of the biggest challenges has been ensuring it isn’t wasted! In one typical example, western states generate vast amounts of solar power during the hot daytime hours when most people are at work. However, this power generation dips as the sun goes down – when most people return home, turning on their TVs, computers, dishwashers, washing machines, and other heavy power draws. The unfortunate quirk means polluting natural gas plants often need to fill the gap. This is a double whammy for clean energy efforts to reduce emissions, as it wastes renewable energy and requires even more fossil fuel power too.
2023 will bring significantly more energy storage from utilities and homeowners. Energy companies are investing in what is known as long-duration battery technology, which can take power generated by renewables at their peak and save it from being put out into the grid until when they need it. In addition to improving efficiency and reducing waste, this also increases reliability for the grid, providing a source of electricity even if power plants or generation facilities aren’t working as expected[3]. Home batteries will also be popular, operating on the same principle via the owner’s solar array or wind turbine[4].
4. Big Bucks for Clean Energy Investments
As technology rapidly advances, the problems that have plagued renewables since their invention are quickly being solved or minimized. Many expect this will lead to new financial investments from Wall Street, venture capital, and other big money. It’s easy for investors to see the growth of clean energy in recent years while also seeing how far it can still go. As more hedge funds, pension systems, and other financial groups become more socially and environmentally conscious, they’ll likely transition their money away from highly polluting oil and gas companies to cutting-edge, clean power investments.
5. New Records for Renewables
From growth in technology to an increase in investment money, the stars align for renewables and clean energy of all types to set records in installation and generation in 2023. In addition to the solar power growth discussed above, wind energy will continue its rapid expansion.
Meanwhile, hydropower remains steady, and geothermal advances offer the promise of new frontiers in clean energy in the months and years ahead.
No matter how you look at it, the recent trends in renewable energy are clear – 2023 will be a big year for clean, green power!
