DOE reports highlight growth in the wind power industry

According to three annual reports released by the U.S. Department of Energy (DOE), wind power is one of the fastest-growing and lowest-cost sources of electricity in the U.S. The reports claim that 22% of new electricity capacity installed in America in 2022 came from wind power. The wind power industry employs over 125,000 workers and features a capital investment of $12 billion. This success can be at least partially attributed to tax incentives that have increased the amount of near-term wind deployment forecasts and are keeping wind power prices competitive. The reports show that forecasts for land-based wind energy installed in 2026 have increased nearly 60% from about 11,500 megawatts (MW) to 18,000 MW. In addition, the cost of offshore wind blades has decreased by 27% due to the advanced manufacturing production tax credit in the Inflation Reduction Act.

In a recent quote, U.S. Secretary of Energy Jennifer M. Granholm said, “As one of the cheapest energy sources nationwide, wind energy generates enough electricity to power more than 43 million homes and is creating good-paying jobs for the growing domestic wind energy workforce. President Biden’s Investing in America agenda is expanding our nation’s domestic supply chain, increasing energy security, and growing the wind energy market to drive our clean energy future.”