U.S. solar and wind deployments are on track to hit new records in 2022 as momentum behind the energy transition grows, according to a new report from S&P Global Market Intelligence.

According to the firm, there will be 44 gigawatts in utility-scale solar and 27 gigawatts for wind next year. Solar is expected to grow nearly twice the estimated 23 gigawatts in new capacity by 2021. The 2022 forecast additions for wind will surpass 2020’s 16 gigawatt annual record.

The U.S.’s total generation capability is approximately 1,200 gigawatts. This comparison can be found in the Public Power Association

The rise of solar and wind energy generation is being driven by a number of factors, such as the increased state-level renewable requirements and expected extensions of tax credits.

S&P also pointed to a jump in demand from corporations. Switching to renewable energy is a great option for companies trying to reduce their carbon footprint. The firm anticipates that the total amount of solar and wind capacity available to companies other than utilities will reach 40 gigawatts by next year.

Storage of energy, which is crucial for intermittent power sources like solar and wind, is growing. S&P expects 8 gigawatts of storage to be installed in 2022, which is around six times higher than the prior record from 2020.

President Joe Biden made climate one of the main priorities in his administration. He called for carbon-free policies power sector by 2035 He is aiming to reduce the nation’s emissions net zero by 2050.

Friday night’s House infrastructure bill includes billions in funding for clean-energy projects. The greater $1.75 trillion social safety net and climate packageWhile the House is debating the issue, it will be discussing earmarks. $555 billionClimate-related expenditures

“If the current administration is successful in putting the U.S. on a path to 100% decarbonization of the energy sector by 2035, these record-setting projections are just the beginning,” S&P said of its 2022 estimates.

Not everyone is as optimistic. One October reportRystad Energy discovered that rising raw material prices and supply chain disruptions are threatening more than half the global solar construction in 2022.

It was estimated that 56% (of the 90 gigawatts) of new global utility-scale sun could be delayed, if not canceled.