A Look into Energy Trends in 2022

When it comes to renewable energy initiatives, 2022 is on track to be a big year. The current alignment of public sentiment, political pressure, and corporate responsibility has created an atmosphere that makes it easier to build a renewable future than was ever possible before. While fighting climate change remains a top priority for countries throughout the globe, limited supply chains and rising fuel prices continue to show us the need for reliable, renewable sources of energy. Read on to learn more about today’s renewable energy industry trends and how these trends are changing consumer behaviors worldwide.

Energy trends: What’s happening in the energy market?

With sustainable, renewable alternatives to fossil fuels gaining attention in recent years, the energy market is rapidly growing to keep up. Today, individuals, companies, and governments alike are united in reducing global emissions to combat the effects of climate change. Here’s a look at some of the most impactful clean energy trends in 2022.

Clean energy goals

Numerous states are currently passing bills that aim to help the world achieve renewable energy goals in the coming decades. For example, SB 2408 is a 2021 Illinois bill that seeks to provide citizens with entirely clean energy no later than in 2050. Meanwhile, HB 951 passed the North Carolina General Assembly in 2021 as well, with a stated objective to reduce carbon emissions in the state by at least 70% within eight years. With many other states following suit, the U.S. has signaled its ongoing commitment to helping the U.N. achieve Goal 7 by ensuring all people have reliable access to sustainable and affordable energy alternatives.

Clean energy programs

To help  states, local governments, and individuals move toward sustainable energy, the Environmental Protection Agency (EPA) continues to support various clean energy initiatives across the U.S. Programs like Energy Star provide educational guidance regarding energy-efficiency standards for many of today’s most popular appliances. Volunteer-operated programs like AgSTAR support efforts to reclaim biogas emitted from animal waste, allowing farmers to actively minimize their methane production. In addition, the Center for Corporate Climate Leadership regularly recognizes companies, institutions, and individuals who demonstrate outstanding leadership in confronting the challenges posed by climate change.

New emissions standards

In late 2021, the EPA released updated greenhouse gas (GHG) emissions standards for newly manufactured vehicles. These emissions standards will apply to a variety of passenger-vehicle models made between 2023 and 2026. Aside from improving the fuel economy for drivers, the EPA estimates that these updated GHG standards could cut emissions by 3 billion tons over the next 28 years.

Increase in electric vehicles

One of the hottest energy trends is the push to replace conventional gas-powered cars, trucks, and SUVs with modern electric vehicles. Sales of electric vehicles in the U.S. reached unprecedented heights in 2021 with more than 608,000 units sold, almost double the number of electric vehicles sold in 2020. The EV market is expected to see continued growth in the years ahead. In fact, the World Resources Institute projects that EVs could replace all light-duty vehicles on the road within the next six years.

Reduction in energy consumption

There could be severe environmental consequences if current trends in global energy consumption continue unabated. Amid global efforts to meet net-zero objectives, private companies, nonprofits, and individual citizens are beginning to work in concert to reverse the effects of climate change. As a result, efforts to lower energy consumption will remain a priority in 2022 and beyond. Currently, the Department of Energy is considering a new rule that would provide regulatory guidance regarding the energy conservation standards for smaller electric motors like those found in household appliances or power tools. Among other things, this rule would establish updated labeling requirements while also defining methods for certifying compliance with updated energy conservation standards.

Continued incentives for utilizing renewable sources of energy

Depending on the cost of installation, there are a variety of federal, state and local tax credits that can make sustainable energy alternatives more affordable. In addition, homeowners across the country can also receive credits for upgrading their home’s insulation, roof, windows, or doors. Aside from federal actions, many states have created more localized incentives for investing in solar energy. For example, states like Florida, Mississippi, Hawaii, and Indiana are already exploring how net metering could lower the costs of using solar energy for lower-income households.

Products that focus on energy efficiency

Today, the sustainability and the efficiency of a given product have become major selling points for many consumers. Eco-friendly technologies will continue to play an important role in how individual households contribute to reducing global carbon emissions. Here are just a few of the most popular energy-efficient products gaining attention in 2022.

Household appliances

Energy Star recently unveiled a comprehensive list of the most energy-efficient products on the market in 2022. Among them are many new appliances from brands like LG and General Electric. They can reduce household energy usage throughout the year. Clean energy trends continue to move the world toward a greener future. In turn, consumers will seek out these products to lower their carbon footprints while  saving money.

Electric vehicles

While Tesla continues to lead the EV industry, other companies are beginning to release their versions of the fully electric vehicle. A great example is BMW’s new i4 sedan, an impressive all-electric car that’s capable of driving more than 300 miles between charges. Meanwhile, industry leaders like Hyundai, Toyota, and Audi are following suit with enhanced EV models in 2022. Many of which offer comparable performance to gas vehicles.

Smart thermostats

Because a majority of household energy consumption goes to heating and cooling, it makes sense for families to look for ways to make their climate control more efficient. A variety of smart thermostats have emerged on the market that automatically adjust temperature settings for optimal efficiency. Meanwhile,  phone apps allow you to manage your heating and air conditioning while at work or on vacation. This ensures you don’t waste money on energy you’re not using. One of the most advanced versions of this technology can be seen in the second generation of Google’s Nest Hub, a complete smart home management device that integrates thermostat controls, security cameras, entertainment, and more into a centralized system.

How do these trends affect how you shop for energy?

A close look at these renewable energy trends reveals just how rapidly the energy industry is changing. For the average person, dealing with these changes can be a challenge. Especially when it comes to picking an electricity company for your home energy needs. In states like Texas, where the electricity industry is largely deregulated, multiple providers compete for market share. Each offers a different pricing plan and fee structure to its customers. To find the best deal, it could take hours of research to look into each electricity company.

At Power Wizard, we take all the hassle out of electricity shopping. Simply provide us with your ZIP code and address. We will review an organized list of all the best electricity plans available in your area. For the highest level of support, become a Gold member! You’ll enjoy great benefits like no hassle enrollment and complete protection from any hidden electricity fees. If you’d like to learn more about how it works, visit Power Wizard today to get started.