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Industry Analysis

Solar Is Part of American Energy Dominance, SEIA Tells Lawmakers

As politicians in the United States use “American energy dominance” as a rallying cry, solar power advocates are touting the role the country’s solar industry can play. More than 160 executives from solar energy companies convened on Capitol Hill on Wednesday, February 5, 2025 with pins bearing that very message — “American Energy Dominance” — alongside an image of the Sun shining on a solar panel, per The Washington Post.

The Altus Power Team

March 3, 2025

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Industry Analysis

State of Solar 2024: The Year in Solar Power and the Outlook for a Cleaner Future

In 2024, the rise of solar energy is surpassing expectations. Here are the milestones solar energy reached this year — and what the outlook is for the years ahead!

In 2024, the rise of solar energy is surpassing expectations — even those of its biggest advocates. “In a single year, in a single technology, we’re providing as much new electricity as the entirety of global growth the year before,” Kingsmill Bond, a senior energy strategist at the zero-carbon-energy nonprofit RMI, told The Atlantic earlier this year.

Bond added that analysts a decade or two ago “did not imagine in their wildest dreams that solar by the middle of the 2020s would already be supplying all of the growth of global electricity demand.”

Gregory Nemet, author of How Solar Energy Became Cheap, told Vox that solar energy “does continue to surprise us,” even though it probably shouldn’t at this point. “It’s been roughly 30 percent growth each year for 30 years,” Nemet said. “And costs continue to fall, so new users — and new uses — continue to emerge.”

And Euan Graham, electricity and data analyst at the global energy think tank Ember, told the site, “When you look at the absolute numbers that we’re on track for this year and that we installed last year, it is completely sort of mind-blowing.”

Here are the milestones solar energy reached this year — and what the outlook is for the years ahead.

By July, the world was on track to add 593 gigawatts of solar power in 2024.

In mid-September, Ember released an analysis of data for January through July, showing that the world was on track to add 593 gigawatts (GW) of solar installations by the end of 2024, 29% soaring higher than even 2023’s record total. And that 593 GW projection is 200 GW more than what the International Energy Agency and Wood Mackenzie predicted for 2024, as Yale Environment 360 reports.

Furthermore, Vox notes that 593 GW is also more than one-quarter of the electricity produced by all the world’s operating coal plants. Compare that to 2020 when the world only had a cumulative total capacity of 760 GW of solar installed.

‍Global solar capacity reached 2 terawatts.

In November, the Global Solar Council relayed to Reuters that global solar capacity had reached 2 terawatts (TW), enough to power around 92 million U.S. homes. What’s more, the world added more solar capacity in the prior two years than it had in the previous 68 years combined.

‍Solar will have provided the world with 6% of its electricity this year.

In June, The Economist reported that solar power will provide the world with around 6% of global electricity in 2024.

It’s worth highlighting the Netherlands as a leader in this growth. Although the Netherlands experiences significantly less sunlight than its neighbors, it generates far more solar energy per capita than any other European country. In fact, only one country in the world generates more solar energy per capita: Australia.

As a result of the Netherlands’ commitment to renewable energy, coal power generation fell by nearly 40% in 2024. For the first time in the country’s history, renewable sources produced more electricity than fossil fuels during the first six months of the year and accounted for 53% of the Netherlands’ total electricity. The country is aiming for a 55% greenhouse-gas reduction by 2030 compared to 1990 levels, with a goal of reaching net-zero emissions in 2050.

The U.S. added a record amount of solar capacity and solar module capacity in Q3 2024

This month, the Solar Energy Industries Association (SEIA) proclaimed that the United States added 8.6 gigawatts-direct current (GWdc) of solar capacity in 2024’s third quarter in yet another record-breaking quarterly volume and a 21% increase over Q3 2042. In a press release this month, SEIA said the U.S. had also added 9.3 GW of new solar module manufacturing capacity.

“Federal solar policies and increased private investments are strengthening our nation’s energy security and creating thousands of new job opportunities for American workers,” said SEIA president and CEO Abigail Ross Hopper.

‍Solar accounted for nearly two thirds of the United States’ new energy-generating capacity in 2024.

SEIA also announced that solar accounted for 64% of all new electricity-generating capacity added to the U.S. grid through 2024’s third quarter — and that the country was producing enough solar energy annually to power more than 37 million homes.

“The United States is stepping up to take market share from foreign competitors and making sure that the jobs and economic growth from solar are benefiting American communities,” Hopper added.

Community Solar has quintupled since 2018.

As it announced an expansion of the National Community Solar Partnership in September, the U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy touted that U.S. Community Solar capacity had quintupled from 1.5 GW at the end of 2018 to more than 7.8 GW this year. By Q3, the Community Solar industry had installed 291 megawatts-direct current (MWdc), a 12% increase year over year.

‍Commercial-scale solar installations increased year over year.

Per SEIA, the United States’ commercial solar segment installed 535 MWdc in Q3 2024, marking a 44% increase year-over-year.

While utility-scale solar also experienced significant growth in 2024, it’s commercial-scale systems, like the ones owned and operated by Altus Power, that have the potential to help solve some of our most pressing power problems.

“Retail electricity prices have risen consistently over the years, largely due to an aging grid that requires constant upgrading. This trend has not only strained consumer budgets, but it has also underscored the urgent need for new, sustainable sources of power. Solar plays a key role here,” remarks Altus Power CEO Gregg Felton. “Unlike traditional utility-scale systems, our approach is focused on commercial-scale, or distributed, solar. This means we build facilities where power is most needed, such as on large rooftops of warehouses, municipal buildings and other high demand areas. This proximity reduces reliance on long-distance transmission, lowers costs and benefits the local community.”

U.S. clean energy and transportation investments hit a record high.

A Rhodium Group report in November shared that the United States’ clean energy and transportation investment had reached a record $71 billion in Q3 2024, continuing a nearly unbroken three-year trend of quarterly growth. Plus, the report added, clean investment comprised 5% of U.S. private investments in structures, equipment, and durable consumer goods in the country.

Solar module prices continue to decline.

According to BloombergNEF and InfoLink data shared by Inside Climate News in June, the average global price of solar modules fell from $0.22/watt in March 2020 to $0.11/watt in February 2024. In that same time frame, the average U.S. price of solar modules fell from $0.41/watt to $0.31/watt.

That same month, Our World in Data reported that solar photovoltaic (PV) costs have fallen by 90% across the last decade, dropping around 20% every time the global cumulative capacity doubles. Our World in Data observed that for many countries, solar power has gone from being one of the most expensive electricity sources to the cheapest.

Altus Power’s portfolio surpassed 1 gigawatt.

In terms of Altus Power’s year, the company announced in October that its portfolio of assets had topped 1 gigawatt. Even before the 1GW milestone, Altus ranked as the largest commercial-scale provider of clean electric power, with more than 500 projects across 25 states and approximately 30,000 Community Solar subscribers across 9 states.

“Altus Power has built a U.S. portfolio of scale, making us the leader in the transition to clean, electric power for enterprises and households nationwide,” said Altus Power CEO Gregg Felton.

What to expect from solar energy in 2025 and beyond...

The International Energy Agency (IEA) reported in June that global energy demand was set to increase by around 4% in 2024 and by another 4% in 2025 in what would be the highest annual growth rate since 2007. But renewable energy sources are also on the rise, expected to grow from 30% of the global electricity supply in 2023 to 35% of the supply in 2025, IEA added.

Solar photovoltaics are expected to meet around half of the increase in global electricity demand over 2024 and 2025, and solar and wind together are expected to meet as much as 75% of the growth, according to the IEA report.

The U.S. Energy Information Administration said in January 2024 that solar is expected to supply “almost all” growth in U.S. electricity generation through 2025 as hydropower and natural gas make smaller gains and coal’s share shrinks.

Wood Mackenzie reported in September that worldwide solar PV capacity is expected to quadruple to 6.3 terawatts-direct current in the next decade. The Economist, meanwhile, observed that the world’s installed solar capacity doubles about every three years and increases tenfold every decade, and that “the next tenfold increase will be equivalent to multiplying the world’s entire fleet of nuclear reactors by eight in less than the time it typically takes to build just a single one of them.”

In its 2024 World Energy Outlook, the IEA cited data models indicating that solar PV would surpass coal and gas to become the world’s main source of electricity by 2035. (One data model cited by RMI has solar and wind generation overtaking fossil fuel supply as early as 2030.)

And the cost of solar will continue to drop. In a recent press release, RMI said that what is already the cheapest form of electricity will fall from its current price of more than $40/megawatt-hour to as low as $20/megawatt-hour by 2030.

All told, it seems the sun is shining brightly on solar, literally and figuratively, and Altus Power is helping to power the clean energy transition. Learn more about Altus Power’s Community Solar and Commercial Solar to see how we connect clean electric energy to households and businesses across the United States.

The Altus Power Team

December 17, 2024

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Industry Analysis

From Roof to Grid: How Commercial Scale Solar Is Powering a Clean Energy Future

Altus Power CEO Gregg Felton recently joined WoodMackenzie’s Interchange Recharged podcast to discuss the dynamics of commercial scale solar, the economic impacts of energy demand and the role of solar in meeting future energy needs.

The rising demand for electricity has increased the focus on generation sources that can be deployed quickly and deliver power directly to where it’s being consumed, minimizing reliance on costly and time-intensive transmission infrastructure. With that backdrop, solar energy is increasingly seen as a key component of the energy mix. I recently joined WoodMackenzie’s Interchange Recharged podcast to discuss the dynamics of commercial scale solar, the economic impacts of energy demand and the role of solar in meeting future energy needs.

My wide-ranging conversation with David Banmiller from WoodMac touched on technological advancements, the impact of electrification and how solar companies like Altus are positioned to capitalize on emerging energy trends.

Solar technology has evolved significantly, becoming more affordable and efficient over the years. Once a solar facility is operational, it can produce clean energy reliably for more than 35 years. This long lifespan, coupled with predictably high electricity demand, makes solar energy an essential part of the future energy mix. However, building solar capacity at scale means planning for a very different type of energy future – one where electricity demand is set to surge as more sectors electrify, from transportation to data centers to everyday household devices.

Retail electricity prices have risen consistently over the years, largely due to an aging grid that requires constant upgrading. This trend has not only strained consumer budgets, but it has also underscored the urgent need for new, sustainable sources of power. Solar plays a key role here. Unlike traditional utility-scale systems, our approach is focused on commercial-scale, or distributed, solar. This means we build facilities where power is most needed, such as on large rooftops of warehouses, municipal buildings and other high demand areas. This proximity reduces reliance on long-distance transmission, lowers costs and benefits the local community.

Community Solar is a perfect example of how commercial scale solar can deliver clean energy right where it’s needed. With Community Solar, we can install solar on facilities like industrial buildings, municipal rooftops or even brownfields without an attractive alternative use. The power our systems generate can then be redirected to serve surrounding communities with the benefits of clean and discounted power. This model is powerful because it not only brings renewable energy to local households at lower rates, but it also creates a sustainable business model that benefits everyone involved — the landlord, the community and the grid itself. Currently Altus Power serves more than 30,000 Community Solar subscribers in nine states and we’re working hard to expand that reach.

In our discussion, we also touched on the importance of local partnerships in expanding solar across the country. Altus Power has always been focused on collaborating with real estate owners, developers and municipalities to identify viable sites and navigate the regulatory landscape. The Inflation Reduction Act further supports the U.S. solar supply chain by encouraging domestic production of solar modules and components. In addition, many states have their own pro-renewable policies that foster growth at the local level. These tax incentives not only benefit our business by enhancing access to components but also foster growth in U.S.-based clean energy manufacturing.

The financing landscape, while complex, remains robust for our sector. Thanks to our scale as well as our long and successful track record, we’ve been able to establish strategic partnerships with major financial institutions, insurance companies and pension funds all of whom are supporting our growth initiatives. Long-term, fixed-rate financing from these partners enables us to keep our focus on sustainable growth rather than being hampered by short-term liabilities. This stability is critical for a company like ours, with a mission to deliver reliable clean energy over the long term.

Finally, we’re committed to the long-term goal of helping more businesses, municipalities and communities achieve their net-zero goals through locally generated, clean power. Commercial scale solar is uniquely positioned to support those goals because it aligns energy generation with demand — our systems deliver power during the day when it’s most needed by commercial buildings and other facilities that use significant power. With each new project, we’re contributing to a more resilient grid and cleaner environment.

The energy landscape is rapidly evolving, and with it, our approach to clean energy solutions. Our aim is to continue driving this transformation, one solar project at a time, helping meet local energy demands in a way that benefits customers, communities and the environment. The road ahead is filled with opportunities and we’re excited to lead the way as commercial scale solar becomes an increasingly integral part of the American energy revolution.
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Click here to listen to the full podcast — Click to listen to the full podcast

Gregg Felton, CEO, Altus Power

November 21, 2024

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Industry Analysis

How AI and Its Capabilities Are Impacting Investing in Energy

Large data centers that are running bigger and bigger models are requiring more and more power, which requires more servers and more data centers. This has resulted in an increased demand for energy and water. Most enterprises can’t get enough power from local utilities to support the demand. The capabilities of locally-sited clean energy systems such as Altus Power’s can help take some of that load off that grid.

Large data centers that are running bigger and bigger models are requiring more and more power. This demand on computer power requires more servers and more data centers, resulting in an increased demand for energy and water. Most enterprises can’t get enough power from their local utilities to support their demand for 24-7 base load power. This increased demand and the aging grid systems throughout the country are causing AI service providers and their surrounding communities to look for alternative sources of energy.

The capabilities of locally-sited clean energy systems such as Altus Power’s can help take some of that load off that grid.

Altus Power develops distributed generation systems that supply power directly to the enterprises and communities where that power is needed, solving the transmission issues faced by other alternative energy sources such as wind and nuclear. Given this need for more reliable power, we believe there is tremendous opportunity for all sources of energy, from traditional energy sources, to solar and wind to hydrogen, natural gas and nuclear.

Altus Power is the nation’s largest owner and operator of on-site commercial scale solar generation systems, and this leadership position enables us to take an environmentally-focused approach to how we run our business. As companies are transitioning towards a low carbon footprint, we are well equipped to take on the challenges of managing climate risk and working with our customers to help them strategize to achieve their decarbonization goals.

We are a community conscience company and aim to engage our community in positive ways. We understand that we win together and that expanding our talent pool makes Altus Power a stronger company better equipped to make decisions which benefit the community around us. We have developed various employee programs and policies to support diversity, equity and inclusion at our company. We are focused on the health and safety of our workforce, employees and contractors, and have implemented trainings, safety tools and work conditions that promote employee and contractor well-being.

Our team at Altus Power is on a mission to lead the transition to clean energy, to provide clean energy to businesses of all sizes from coast to coast. During 2023, we generated over 780,000 megawatt hours of clean energy, which is equivalent to avoiding almost 550,000 metric tons of CO2 equivalents when compared to utility power. Altus Power aims to deliver value to its partners and customers during the transition to a low carbon economy while minimizing our own carbon footprint. In addition, our increasing portfolio of community solar customers advances environmental justice by allowing low- and moderate-income customers, homeowners and renters alike, access to the benefits of clean electricity from our assets.

Altus Power is here to support all of our customers and their increasing demands for power.

To learn more about how we are building a successful and sustainable business, please see our 2023 Sustainability Report.

Sophia Lee, Chief Sustainability Officer

November 15, 2024

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Industry Analysis

Solar Is “Leading the Energy Revolution,” Ember Analysis Shows

Fossil fuels are on their way out, while solar energy and other renewables are literally rising in power. Ember’s fifth annual Global Electricity Review offers a sunny outlook for renewable energy — and solar in particular — showing, for example, that renewables generated a record 30% of global electricity in 2023, up from 19% in 2000. Solar and wind are driving that increase, rising from 0.2% of global electricity in 2000 to a record 13.4% in 2023.

The study, released this May, offers insights from an analysis of electricity data from 215 countries, including 2023 data for 80 countries representing 92% of global electricity demand.

And authors Małgorzata Wiatros-Motyka, Nicolas Fulghum, and Dave Jones concluded that solar “is leading the energy revolution,” standing as the fastest-growing source of electricity generation for the 19th year in a row. Plus, solar has breezed past wind to become the largest source of new electricity for the second consecutive year — adding twice as much electricity in 2023 as coal did, for example. Solar generation grew 23% in 2023, compared to 10% for wind generation and 0.8% for fossil fuel generation.

All told, solar produced a record 5.5% of global electricity in 2023 — that’s 1,631 terawatt hours — and 33 countries got more than a tenth of their electricity from solar during that year. And the authors projected that a record surge of installations at the end of 2023 set up 2024 for an even bigger increase in solar generation. They noted that solar and wind isn’t just slowing emissions growth in the power sector — with power sector emissions in OECD countries falling 28% from their 2007 peak — but actually pushing fossil fuel generation into decline.

“The renewables future has arrived. Solar in particular is accelerating faster than anyone thought possible,” Jones, Ember’s Global Insights Programme Director, said in the report. “The decline of power sector emissions is now inevitable. 2023 was likely the pivot point—peak emissions in the power sector — a major turning point in the history of energy.”

Plus, countries that position themselves at the front edge of the energy revolution have an “unprecedented opportunity,” Jones explained. “Expanding clean electricity not only helps to decarbonize the power sector. It also provides the step-up in supply needed to electrify the whole economy, and that’s the real game-changer for the climate.”

Ember offered even more good news this September. Even after record growth in 2023, the world is on track to install 29% more solar capacity in 2024, year over year, with 593 gigawatts of new solar installations, the think tank reported. Italy, the United States, India, Turkey, and Portugal’s solar installation growth has been even higher than the world average between January and July 2024, Ember adds, with Portugal showing a 2.29x year-over-year change.

Reporting on that September data, The Atlantic observed that inexpensive solar panels are changing the world — as an energy technology that’s faster to build and easier to build and adaptable at any scale. As The Atlantic noted, the International Energy Agency (IEA) expects solar will surpass all other forms of energy by 2033. “This is unstoppable,” Heymi Bahar, senior energy analyst at IEA, told the magazine.

Kingsmill Bond, a senior energy strategist at the decarbonized-energy nonprofit RMI, pointed out to The Atlantic that solar is “providing as much new electricity as the entirety of global growth the year before” and that analysts “did not imagine in their wildest dreams that solar by the middle of the 2020s would already be supplying all of the growth of global electricity demand.”

Bond added, “The really interesting debate now is actually: When do we push fossil fuels off the plateau? And from our numbers, if solar keeps on growing this way, it’s going to be off the plateau by the end of this decade.”

‍The Economist illustrated solar power’s exponential growth in an essay this summer, explaining that installed solar capacity doubles about every three years and grows tenfold every decade. “The next tenfold increase will be equivalent to multiplying the world’s entire fleet of nuclear reactors by eight in less than the time it typically takes to build just a single one of them,” the magazine declared.

Meanwhile, the cost of solar continues to drop. In a recent report, RMI touted that solar, already cheapest-ever form of electricity, will cost roughly half as much in 2030 as it does now, falling from $40/megawatt-hour to $20/megawatt-hour.

“Exponential growth of clean energy is an unstoppable force that will put more spending power in the pockets of consumers,” Bond said in that report.

And speaking of putting more spending power in the pockets of consumers, Altus Power’s Community Solar program enables subscribers to support clean energy while reducing their monthly utility bill, all without the need for equipment installed at their homes. To learn more about Community Solar and to apply to the program, visit join.altuspower.com.

The Altus Power Team

November 7, 2024

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Industry Analysis

Solar Power Is Growing Exponentially

Exciting insights from a recent Economist article reveal the transformative potential of solar power, projecting it to become the globe's largest electricity source by the mid-2030s. With solar capacity doubling every three years, we’re on track to see incredible milestones in renewable energy growth.

A recent essay in The Economist speaks of solar power in glowing terms, declaring that the technology’s exponential growth will do no less than “change the world.” That claim might sound fantastical, but statistics certainly bolster the argument.

For one, solar panels, which “occupy an area around half that of Wales,” will provide the world with about 6% of its electricity in 2024, or three as much electrical energy as the United States consumed 70 years ago, the magazine notes.

And that’s just the start. Installed solar capacity doubles every three years or so and increases ten-fold every decade, The Economist adds. The next ten-fold increase, according to the magazine, “will be equivalent to multiplying the world’s entire fleet of nuclear reactors by eight in less than the time it typically takes to build just a single one of them.”

With this kind of growth, solar energy is likely to become the globe’s largest source of electrical power by the mid-2030s, The Economist projects.

And milestones are coming even sooner. In January, the U.S. Energy Information Administration (EIA) released an outlook that projected solar to be the leading source of growth in the U.S. electric power sector. The EIA added that solar will supply “almost all” growth in U.S. electricity generation through 2025, as hydropower and natural gas make smaller gains and as coal falls. That increase will boost solar’s share of the total U.S. electricity generation from 4% in 2023 to 7% in 2024. And the EIA previously predicted that solar’s annual electricity generation would surpass that of hydropower in the United States in 2024.

The good news keeps coming: A July 2023 report by RMI predicted that wind and solar projects will generate at least 33% of global electricity by 2030, if the growth follows the S-curve typical of technological revolutions. If growth continues at the faster exponential rate, though, then solar and wind generation will quadruple to 14,000 terawatt hours by 2030 and surpass fossil fuel supply, RMI says.

Either way, it seems the COP28 goal to triple renewable energy generation capacity to at least 11,000 gigawatts by 2030 — thus limiting greenhouse gas emissions and putting us closer to Paris Agreement benchmarks — is attainable. And, as RMI notes, recent Systems Change Lab research shows that Denmark, Lithuania, and Uruguay have ramped up solar and wind generation at a rate faster than what’s needed to limit global warming to 1.5 degrees Celsius.

Even better, the increase in solar energy capacity comes amid a decrease in solar energy costs. Solar power is already the cheapest form of electricity production, according to RMI, but the organization predicted that solar’s cost will fall from $40 per megawatt hour (MWh) to as low as $20/MWh.

“Exponential growth of clean energy is an unstoppable force that will put more spending power in the pockets of consumers,” RMI senior principal Kingsmill Bond said in a press release. “The benefit of rapid renewable deployment is greater energy security and independence, plus long-term energy price deflation because this is a manufactured technology—the more you install, the cheaper it gets.”

Christiana Figueres, former executive secretary of the United Nations Framework Convention on Climate Change and a co-founder of Global Optimism, added that the target of a tripling of renewable electricity investment by 2030 is deliverable. “But only by removing barriers to faster renewable deployment, from streamlining permitting to redirecting subsidies for polluting energy,” she added. “Otherwise, the exponential growth we are seeing and the benefits that come with it could be derailed unnecessarily.”

This solar power revolution comes with challenges, of course. Some of those challenges are infrastructural and technological: There’s a terawatt of solar capacity waiting to be connected to the U.S. grid, and solar power also needs storage solutions to get the grid through hours without daylight, The Economist notes. Others are geopolitical: China produces the vast majority of solar panels, and the U.S. has put tariffs on China-made solar equipment, the magazine adds.

But as RMI notes, barriers haven’t stopped solar’s exponential growth so far. “This is a clear signal to policymakers, businesses and investors,” Figueres said, “to seize the opportunity of accelerating the energy transition.”

The Altus Power Team

September 23, 2024

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Industry Analysis

AI and Sustainability: 3 Lessons Learned From CES 2024

Now that CES 2024 is a few days behind me, I’ve had some time to reflect on everything I saw and heard during my trip to Las Vegas. Not only did I have the opportunity to experience the trade show floor and take in the wide range of sustainability innovations featured at the show, but I also had the honor of representing Altus Power on a panel about AI and sustainability alongside industry leaders: Rene Lammers from PepsiCo, Aviad Almagor from Trimble and moderator Ariana Stolarz from Accenture.

Here are three themes that emerged from this lively conversation.

‍We Must Use AI Constructively

‍With great power comes great responsibility, as the saying goes. And that could not be more applicable to Al. Though artificial intelligence has exploded in recent years due to breakthroughs in the technology, the truth is, it’s not new. AI has been around since the 1950s, it was refined further in the 1980s, and really exploded in the 2000s. However, the act of using automated systems to acquire, process and apply massive amounts of data to real life outcomes is still in its infancy. As AI becomes smarter and stronger over the next few years, it’s imperative that we make sure our data is not just accurate, but also used constructively.

Think about something as simple as a person’s purchase history. When major retailers use your purchase history to create highly customized and predictive shopping experiences, there’s the potential for serious consequences — and there are real life examples of this already happening. I’m not saying we’re all going to be characters in the movie Minority Report any time soon, but it’s a slippery slope that should give us all a moment of pause.

That said, we can’t slow progress and nor should we. In fact, our panel agreed we may not be innovating fast enough. Because with all the potential for positive outcomes, like the facilitation of more eco-friendly products, services and experiences for people, businesses and the world, we may have a fighting chance at reaching the targets necessary to sustain and improve life as we know it.

‍AI Is Already Enabling a More Sustainable Future

After establishing some of our collective fears and concerns around AI, we agreed it was time to focus on the positives — and there are a lot. Almagor from Trimble talked about how digital twins are being created and leveraged within forestry to better understand soil and foliage health to support critical decision making. In commercial farming, he told us, the question is always “To spray, or not to spray?” AI is being used to make smart recommendations for pesticide usage, which can reduce consumer exposure to harmful chemicals. At PepsiCo, Lammers said they’re using visual AI tools to detect unusable potatoes which reduces waste and ensures quality control standards are being met. And here at Altus, we’re leveraging AI in our new Altus IQ product to make tailored recommendations for corporate clients looking to save money and reduce their carbon footprint.

‍Transparency Is the Future of AI

Also during the Panel, Lammers told our audience that his team had made their newly-developed fully sequenced oat genome open source; a revelation that surprised everyone. We’ve grown so accustomed to the veil of secrecy that has traditionally cloaked technology IP. But with AI, something different is happening: sharing. Since its release, the genome has been accessed more than 5,000 times. Farmers around the world are using this data to create better, more environmentally friendly food. We’re seeing open source IP being used for good in a wide range of industries from automotive to apparel. A few years ago, Levi’s opened their top secret water-saving denim production process in the hope others would follow suit. It’s an age-old lesson that never gets old: sharing is caring.

A massive thank you to CES for including Altus Power in this important discussion on sustainability — we are proud to play a role in moving this objective forward. The world is currently experiencing a profound shift away from fossil fuels to renewable alternatives and the growing pains are real. Changing behavior takes time, especially corporate behavior. But AI has the power to help accelerate the changes necessary for broad adoption… and that’s exactly what we are focused on here with Altus IQ.

Til next year, CES!
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Julia Sears

January 22, 2024

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Industry Analysis

The State of Clean Energy: A 2023 Recap and What’s Ahead for 2024

We're in a moment of huge growth in renewable energy. Check out our latest post for highlights from 2023 and a look ahead for 2024.

The clean energy future is arriving faster than you may think. 2023 marked a year of significant advances in renewable sources with more than $1.7 trillion worldwide expected to be invested in technologies such as wind, solar power, electric vehicles and batteries, the most ever spent on clean energy in a year. Renewables are now expected to overtake coal by 2025 as the world’s largest source of electricity.

As 2024 begins, the stage is set for even more transformative changes. Let's take a closer look at the state of clean energy, highlighting the trends of 2023 and what's on the horizon for the year ahead.

‍The Surge of Renewable Energy in 2023

‍Policy and Investment
Global initiatives and policies continued to support the clean energy transition. At December’s COP28 climate summit in Dubai, nearly 200 countries approved a milestone plan to ramp up renewable energy and transition away from fossil fuels like coal, oil and gas. The approved plan also called on nations to triple the amount of renewable energy, like wind and solar power. In addition, investments in clean energy projects soared, demonstrating a growing recognition of its economic viability and environmental necessity.

Solar Power Dominance
One noteworthy trend of 2023 was the significant growth and dominance of solar power. Advances in solar technology, combined with decreasing costs of solar panels, made it a formidable player in the renewable energy sector. Research firms like BloombergNEF forecasted global solar installations to increase by as much as 56%.

Storage Solutions
The focus on energy storage solutions gained prominence in 2023. As intermittent renewable sources like solar and wind became more prevalent, the need for efficient storage technologies intensified. Innovations in battery storage, including advancements in lithium-ion batteries and emerging technologies like flow batteries, provided solutions to store surplus energy for use during low generation periods.

Predicting What Lies Ahead in 2024

Solar Will Continue Its Reign
At Altus Power, we predict the demand for renewable energy sources will continue to increase, including for locally sited solar. With solar energy experiencing record-setting growth, we believe momentum is set to continue into 2024, particularly with IRA subsidies and tax breaks established to encourage growth for at least the next decade. In addition, advancements in solar photovoltaics are expected, including more efficient and affordable solar panels.

‍Watch Out For The Energy Storage Revolution
The year ahead is poised for significant strides in energy storage solutions. Battery storage is an important tool for local utilities to ensure grid stability as they increase their reliance on renewable energy, like solar. Altus Power expects storage to increasingly be paired with its solar arrays for customers who want on-site backup power and EV charging. From improved battery performance to scalable grid-level storage systems, innovations will focus on making energy storage more efficient, cost-effective, and capable of handling larger capacities.

‍Global Commitments and Collaborations Will Strengthen
It is also expected that international partnerships and agreements will continue to play a pivotal role in accelerating the transition to renewable energy sources. Over the coming year we may see an increase in subsidies, tax incentives and regulatory frameworks in other countries that are more favorable to renewable energy projects. As countries unite to combat climate change and achieve sustainable development goals, we certainly expect to see continued investment into clean energy technology and solutions.

The landscape continues to evolve and the momentum gained in 2023 indicates a collective U.S. and global commitment to harnessing the potential of clean energy. The continued adoption of renewable energy, particularly solar power, alongside advancements in storage technologies and international policies and partnerships, offers a promising path toward a more sustainable future in 2024.
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The Altus Power Team

January 5, 2024

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