Renewable energy projects accounted for nearly 50 percent of new capacity in the U.S. in 2012, according to a report released this week from Ernst & Young LLP. That includes a record 13,124 MW of wind power capacity and 3,313 MW of solar power capacity.
The report states that $44.2 billion was invested in clean energy, but Ernst & Young Senior Manager of National Tax Michael Bernier stated that amount is not representative of the industry’s true expansion.
“Solar technology, for example, is increasingly cost effective,” Bernier stated in a release. “As prices fall, the initial investment goes a lot further. $1 billion installs a lot more solar than it did five years ago.”
The report also ranked California as the top state in the index for both all renewables and solar power, with Texas leading the states in the long-term wind power index.