Despite Cheap Fossil Fuels, Renewables Building Binge Projected for 2016

Joby Warrick in The Washington Post: Wind and solar power appear set for a record-breaking year in 2016 as a clean-energy construction boom gains momentum in spite of a global glut of cheap fossil fuels.

Installations of wind turbines and solar panels soared in 2015 as utility companies went on a worldwide building binge, taking advantage of falling prices for clean technology as well as an improving regulatory and investment climate. Both industries have seen stock prices jump since Congress approved an extension of tax credits for renewables as part of last month’s $1.14 trillion budget deal.

Orders for 2016 solar and wind installations are up sharply, from the United States to China to the developing economies of Africa and Latin America, all in defiance of stubbornly low prices for coal and natural gas, the industry’s chief competitors.

Energy analysts say the boom is being spurred in part by improved technology, which has made wind and solar more competitive with fossil fuels in many regions. But equally important, experts say, is better access to financing, as major Wall Street investment houses adopt a more bullish posture toward an industry that was once considered financially risky. In November, Goldman Sachs announced it was quadrupling its investments in renewables to $150 billion.

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