New Study Suggests State Renewable Portfolio Standard Policies will Provide a Drastic and Long Term Boost to Renewable Energy Growth
XsunX, Inc. (OTCBB:XSNX), the developer of advanced, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, updates its shareholders on a market study that supports renewable portfolio standards (RPS) as the driving force for the quick and widespread adoption of renewable energy.
IHS Emerging Energy Research released a market study this week that says that cumulative renewables demand across all states with binding RPS policies will increase approximately 250% by 2025 – a growth from an expected 137 TWh in 2010 to 479 TWh by 2025.
The study follows the passing of mandatory RPS policies in 31 U.S. states last month which mandated them to obtain a percentage of generation from clean energy sources by a certain time. Several states including Colorado and New Hampshire are already on strong paths toward reaching their renewable goals for 2015, the reports says, but that many others need to rapidly increase their renewables growth if they are to meet near-term targets.
“The underlying message surrounding these mandated RPSs is that the transition from fossil fuels to renewable is not an overnight process,” said Tom Djokovich, CEO, XsunX, Inc. “The growth curve will continue to be long and steep for many years until we’re able to entirely replace the very large infrastructure we’ve developed around coal.”
Numerous strategies are being examined by utilities to meet RPS demands, but power purchase agreements are expected to be the main source accounting for approximately 70% of total renewable energy added to the U.S. supply mix over the next three years, outlined the study.
“Now we’re looking to the federal government to support these state RPSs with renewable electricity standards and other federal-level policy that address many of the challenges that comes along with RPSs,” added Djokovich.