Utility-Scale Solar and Storage Market Predictions for 2023-24
The renewable energy industry has seen no shortage of developments in the last few years, and the future looks bright.
By Shannon Ross, Director of Human Resources, Redeux Energy
Shannon Ross is an experienced Human Resources executive with over 20 years of experience in the energy industry.
The renewable energy industry seems to be in constant flux. Frequent ups and downs, changes and developments, and social and legislative shifts have earned it the title, “the solar coaster.” But what’s it like to work in the renewable energy space? In this blog, we’ll look at the characteristics of the utility-scale solar industry, including the opportunities and the outlook for the future, as well as what makes Redeux an exceptional place to work.
A Growing Industry
Interest in clean energy is at an all-time high — especially among younger generations now entering the workforce. The Solar Energy Industry Association (SEIA) reports an average annual growth rate in deployment of 33% over the last decade. Comprised of more than 10,000 companies that span every state in the U.S., an estimated 250,000 Americans work in the solar industry. In 2021 alone, solar generated almost $33 billion in private investment. And, despite the fact that recent supply chain issues have disrupted price declines of solar technology, it remains the lowest-cost form of energy generation.
A range of factors are fueling these advancements. For one, the increasingly clear consequences of carbon emissions and their affect on our climate has encouraged participation in clean energy development. Likewise, legislative efforts like the Inflation Reduction Act (IRA) have driven development of renewable energy infrastructure. The tax benefits enacted by the IRA have compounded the growth of the industry, making it especially attractive to investors.
Thriving on Diversity
Because the advantages of solar power, and clean energy more broadly, are available on an international scale, it has become an increasingly diverse industry. Workers from all over the world, representing a wide variety of backgrounds, are pursuing careers in renewable energy. Since 2015, employment in the solar industry increased by 39% for women, 92% for Hispanic or Latino workers, and 73% for African American workers.
This blending of experience and expertise profoundly enriches the clean energy industry. Not only does it foster inclusion, but also contributes to the success of the industry. By bringing together professionals with diverse backgrounds, the solar industry embraces new ways of solving problems and developing best practices, allowing new and innovative ideas to be heard. As SEIA and Wood Mackenzie project, the total installed US solar fleet is expected to grow five times larger than it is today, from 141 GWdc at the end of 2022 to more than 700 GWdc by 2033. It’s important that we continue to embrace the strengths of individuals from a wide variety of backgrounds.
At Redeux, diversity and collaboration are part of our core principles. We’re proud not only to employ individuals who each bring their own expertise to our team, but also to implement those values right here at home. Our team’s varying backgrounds improve our internal processes and culture while also fostering relationships with our stakeholders — including landowners, project owners, financiers and development partners across the country.
Redeux’s depth and breadth of development and operating experience, collaborative processes, and strong financial backing — together with our passion for the enduring success of utility-scale solar and storage projects — combine to make us a unique organization. While we are in an advantageous position to navigate the risks and challenges of solar and storage projects, our greatest asset is our people.
Investing in the development and growth of our team is critical to our success. Whether it be through mentorship, attending industry conferences, training, attaining or maintaining credentials (CPA, PMP, PE, JD, SPHR, etc.), rotations, or stretch assignments, our team embraces lifelong learning. What makes us truly unique is the opportunity and visibility team members have in contributing to our strategy. Each member is highly valued for their expertise and thought leadership.