Wind and solar power generated more than 10 percent of U.S. electricity for the first time in March, according to Energy Information Administration data. That share is forecast to grow steadily over the next 20 years.
Bloomberg New Energy Finance published data that show the two energy sources will make up 34 percent of global electricity generation worldwide by 2040.
“The renewable sources are now cheaper than coal-fired power plants in many places in the U.S., and competitive with natural gas,” Fortune magazine reported. “A growing investment in batteries, which help store wind and solar energy for use at times when the wind isn’t blowing and the sun isn’t shining, also contributes to the projected transition.”
Electricity production from burning natural gas, which is cheaper and cleaner than coal, will also grow as utilities use the energy source to meet demand at peak times, according to BNEF.
Meanwhile, solar panel