U.S. Joins the Top Two Ranks in Renewable Energy

U.S. Joins the Top Two Ranks in Renewable Energy

by | published May 5th, 2018

The renewable energy business is booming. Over 100 cities worldwide now use more than 70 percent renewables to power their communities.

To keep track of these cities and their respective countries, the Renewable Energy Country Attractiveness Index (RECAI) measures the countries that are the most attractive in renewable energy investments. A new RECAI report is released each year by Ernst & Young.

To make the cut in the index, there are five categories that must be met:

  • Is there a strong case for energy from renewable resources?
  • Is policy helping the ability for the country to exploit renewables?
  • Are essential components in place to ensure project delivery?
  • What does the strength of natural resource and other variables reveal about the outlook for renewable technologies?
  • Does the investment climate enable the ease of doing business in the country?

Each of the “five pillars,” as Ernst & Young calls them, are weighted and given a grade between 1 and 5, before being placed on the index.

In 2017, the U.S. ranked as the third most attractive renewable energy country on the list, trailing to China and India.

However, this week Ernst & Young released the 2018 report, and the U.S. is now second only to China, while India has been demoted to fourth place.

This impressive new rank is the result of the cost of renewable power being down 18% for both photovoltaic systems (PV) and wind energy, according to Bloomberg New Energy Finance.

Not only that, but “Big Oil” has begun to raise their investments in wind, solar, and energy storage projects.

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