Solar and wind power are now the least expensive way to reliably generate electricity. A January 16, 2020 Bloomberg New Energy Finance (BNEF) report finds that global renewable energy investment was more than $282 billion last year, a slight increase over 2018 investments. Here in the United States, new investments in renewable energy for 2019 set a record high at $5.55 billion. The power surge in the US comes as solar and wind generated electricity costs continue to plummet despite the Trump Administration's ongoing effort to shrink incentives for solar and wind investment and production tax credits.
The US government funding program passed by Congress and signed by President Trump at the end of 2019 provided wind power a modest 2020 federal tax credit incentive extension. New wind energy projects received a minimum one year extension for those projects that began construction in 2019 are still eligible for the 40% credit in 2020. Those wind projects that can start up in 2020 will be eligible for a 60% credit. However, the U.S. wind power tax credit is presently scheduled to be completely phased out by the end of 2020. At the same time, Solar Energy Industry Association (SEIA) announced that Congressional lawmakers ignored extending investment tax credits for 2020 to new solar power projects.
President Trump authorized $1.5 billion for nuclear energy research including a $250 million to the Department of Energy for Advanced Reactor Research.