Renewable energy development requires financial, technological and regulatory focus

Members of the U.S. Partnership for Renewable Energy Finance (PREF) recently convened at the American Council on Renewable Energy's (ACORE) Renewable Energy Finance Forum - Wall Street to discuss strategies for keeping renewable energy as a crucial part of the nation's overall energy mix.

In 2011, the U.S. invested $48.1 billion in clean energy. A year later, private sector investors believe renewable energy is a strong and viable part of the energy portfolio.

"We are working with the renewable energy, power and technology industry leaders to pursue continued development of the U.S. renewable energy sector," Jeff Holzschuh, Vice Chairman at Morgan Stanley, said. "This is an important opportunity to underscore U.S. leadership as we seek technologies to power future global growth and redefine our national energy strategy."

Along with investors and industry thought leaders, state and federal policies are working to drive large-scale deployment and innovation. While federal incentives such as the Production and Investment Tax Credits bolster the supply of renewable energy, support for renewable energy demand has been augmented by state Renewable Portfolio Standards (RPS) mandating utilities to procure minimum amounts of electricity from renewable sources.

However, new renewable generating capacity has reached a plateau and is expected to see only 3.25 GW per year through 2030. To increase capacity, policymakers may consider accelerated compliance timelines, more ambitious targets, and other measures to promote demand for new renewable energy technologies.

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