The firm forecasts that as much as 44 gigawatts of utility-scale solar and 27 gigawatts of wind will come online next year. For solar, this is nearly double 2021’s estimated 23 gigawatts of new capacity. As reported by CNBC, the factors behind this upswing include the expansion of state-level renewable requirements and the expected extension of tax credits for the industry. The growth can also be attributed to an increase in demand from corporations, as shifting to renewable power is “typically one of the first and easiest steps” for companies looking to cut emissions. 

Energy storage, which is key for wind and solar, is also growing, with S&P projecting the installation of 8 gigawatts of storage in 2022. This is six times higher than the prior record from 2020. 

These record-setting projections align with the Biden administration’s goal of having a carbon-free power sector by 2035 and ultimately achieving net-zero emissions by 2050.