Investment in US renewables hit a record $88B last year

Source: By Benjamin Storrow, E&E News • Posted: Thursday, April 18, 2024

The strong showing follows a down year in 2022, when backing of U.S. wind and solar fell to $49 billion.

Wind turbine blades for South Fork Wind, an offshore wind farm, are stored at State Pier in New London, Connecticut.

Wind turbine blades for South Fork Wind, an offshore wind farm, are stored at State Pier in New London, Connecticut, on Dec. 4, 2023. Seth Wenig/AP

NEW YORK — U.S. renewable energy investment reached a record $88 billion in 2023, rebounding from a spike in interest rates that saw banks retreat from the sector in 2022.

The findings, presented Wednesday at the BloombergNEF clean energy summit in New York, illustrate the growing financial strength of wind and solar.

Lending to renewables dropped in 2022 as central banks around the world raised interest rates to combat inflation. In 2022, lending to renewable projects fell by 27 percent in North America, 33 percent in Europe and 32 percent in Asian countries outside of China, BloombergNEF’s figures show.

But investment rebounded last year, driven by new financing strategies by developers and utilities and a surge of government policies aimed at stimulating clean energy investment.