HOW I SEE IT: Renewable energy can satisfy U.S. demand

Federal Energy Regulatory Commission Director Jon Wellinghoff recently stated that the U.S. may not need any new coal or nuclear power plants. Due to our tremendous renewable energy potential, the rising challenge of global warming and the high cost of new conventional plants, I think he’s right.

The U.S. can meet future electricity demand by deploying efficiency and renewable energy.

The potential for renewable energy is great. The U.S. has more wind and solar potential than all of its oil, gas and coal reserves. Our total electrical generating capacity of 1,000 GW is dwarfed by the combination of onshore and offshore wind potential of approximately 3,000 GW, cited by Interior Secretary Salazar. And solar power's potential is many times greater than that if we deploy panels on less than 1 percent of our land. Add to that the potential of geothermal, hydropower, and biomass — and fossil fuels begin to look like a dinosaur of the 20th century that will soon be replaced.

The price of new renewable energy is decreasing dramatically and may soon be lower than new fossil fuel power supply. For instance, solar photovoltaic modules have fallen from $20 per watt in the early 1980s to below $3 per watt today. Between 2004 and 2008, white-hot demand growth that outpaced solar supply growth prevented prices from falling. But now that supply has caught up with demand, 2009 prices continue downward.

Fossil fuels have powered our rising standard of living since the late 1800s. But now that we recognize large current and future costs from greenhouse gas pollution, we must cap such pollution and lower our emissions.

We successfully lowered lead emissions from gasoline in the 1980s and sulfur dioxide from coal smokestacks in the 1990s. A similar cap (with emissions trading) to lower carbon emissions is now being considered in Congress. Such a framework gives renewable energy the opportunity to grow in electrical market share from 10 percent today to over 20 percent by 2020.

The renewables market is poised to meet all new electricity demand. This tough economic period is an opportunity to build a more secure economy by spurring our recovery through efficiency and renewables. As long as the recent stimulus bill is executed well, we can hold demand constant through living more efficiently and implementing smarter grid design.

Becoming the global leader in low-carbon energy and efficiency is a path to prosperity in a world focused on reducing emissions in the decades ahead.

Markatos-Soriano is the director of the nonprofit Sustainable Energy Transition.