Due to falling technology costs and incentives offered in the Inflation Reduction Act, offshore wind can provide 10% to 25% of total US energy generation in 2050 without impacting wholesale electricity costs.
According to a study released today by the University of California, Berkeley the report, “2035 and Beyond: Abundant, Affordable Offshore Wind Can Accelerate Our Clean Electricity Future”, shows that over 4000GW of offshore wind potential is available along the US coastline, including the Great Lakes.
Offshore wind can complement onshore resources such as solar and wind to help the US achieve a 95% clean electricity grid by 2050 without substantially impacting wholesale electricity costs.
With the right policy mix, offshore wind could supply between 10% to 25% of America’s electricity demand by 2050, the report stated.
The study is accompanied by a policy report from Energy Innovation, a non-partisan think tank, showing the policy pathway needed to realize offshore wind’s potential as well as analysis on the supply chain and transmission needs and accompanying employment benefits.
Increasing ambition for offshore wind development could inject up to $1.8tn of investment into the US economy and employ approximately 390,000 workers in the sector in 2050.
Offshore wind complements solar and land-based wind electricity generation by producing electricity during peak evening hours and peak winter and summer months.
The US will need to install at least 85GW of land-based wind and solar each year, as well as 27GW of offshore wind between 2035-2050 in order to meet the increased electricity demand and reach net zero emissions in 2050.
For comparison, the US installed 28GW of wind and solar in 2021.
According to the report, national, regional and state policy support in the form of grants, financing, planning, and permitting approvals, coordinated across geographies, is needed to expand domestic manufacturing of components and associated supply chains.
“Offshore wind technology has astounding potential to form a major cornerstone of America’s electricity needs,” said Nikit Abhyankar, Senior Scientist at University of California, Berkeley Center for Environmental Public Policy.
“It should be realised as a key resource to meet US climate goals, playing a complementary role to onshore renewable resources.”