Berkeley Lab issues status update on state clean electricity standards

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We are pleased to announce the release of Berkeley Lab's 2024 edition of US State Renewable Energy Portfolio and Clean Electricity Standards.

The report provides an overview and status update on U.S. state renewable energy standards (RPS) and has been expanded to include 100% clean electricity (CES) standards that have been adopted by a growing number of states. Published in slide deck format along with accompanying data files, the report describes recent legislative changes, key policy design features, compliance with interim targets, past and projected impacts on clean electricity development, and compliance costs. Berkeley Lab will host a webinar on the report on August 28, 2024 at 10 a.m. PT/1 p.m. ET; register here: https://lbnl.zoom.us/webinar/register/WN_DKTSik2aQeaBrtyVUffOfw

The 2024 edition presents historical data through 2023 and projections through 2050. Key trends from this edition of the report include:

• Evolution of the state RPS and CES programs: States continue to refine and revise their RPS policies, often adopting higher goals and/or broader CES policies. Of the 29 states plus DC with an RPS, 16 have RPS goals of at least 50% of retail sales and 4 states have a 100% RPS. Sixteen states have adopted a broader 100% CES, most of which also have an RPS.
• Historical impacts on renewable energy development: Nearly half of all growth in U.S. renewable electricity (RE) generation and capacity since 2000 has been nominally associated with state RPS requirements. That percentage has declined over time to 35% of all U.S. RE capacity additions in 2023, though RPS policies continue to play a dominant role in driving RE growth in certain regions.
• Future RPS and CES demand and increasing needs: The combined demand for clean electricity from RPS and CES policies will grow from around 500 TWh today to 1700 TWh in 2050. Taking into account current supplies – including existing nuclear and hydropower eligible for CES targets – RPS and CES policies will require 900 TWh of new clean electricity in 2050, requiring about 3x the historical rate of RPS expansion.
• RPS target achieved so far: States have generally met their interim RPS goals in recent years, with only a few exceptions that reflect unique, state-specific challenges. Most CES goals are not yet in effect, and thus states have little experience with complying with these recent policies.
• REC Price Trends: NEPOOL Class I REC prices have remained at around $40/MWh over the past year, just below ACP rates in larger state markets, while PJM Tier I REC prices have continued to rise, reaching $35/MWh by the end of 2023, surpassing ACP levels in some states. Solar REC prices have remained relatively stable and continue to vary widely across states, with the highest prices ($200-450/MWh) in NJ, MA, and DC.
• Costs for RPS Compliance: RPS compliance costs average about 4% of electric bills in RPS states, but vary widely by state. The highest costs (11-12% of bills) occur in states with solar exemptions and high SREC rates.

The report, along with associated data files and other RPS-related Berkeley Lab publications, are available for download at http://rps.lbl.gov.

E-mail ccourtesy of Lawrence Berkeley National LaboratoryWith financial support from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy (Strategic Analysis).