Two thirds of US renewables investors intend to increase their clean energy investments by more than 10% this year compared to 2020, according to a study from the American Council on Renewable Energy (ACORE).

Confidence among both renewable energy investors and developers is at “an all-time high” stated ACORE.

Energy storage and utility-scale solar rank as the most popular preferences for investment among surveyed investors over the next three years.

ACORE's report, Expectations for Renewable Energy Finance in 2021-2024, presents the results of a new survey of prominent financial institutions and renewable energy developers on their confidence in the sector in the aftermath of the COVID-19 pandemic.

The survey found that investors and developers have an “extremely confident” outlook on the growth of renewable energy and energy storage over the next three years, with nearly all surveyed companies planning to increase their investment or development activity.

Tax equity remains the financing source hardest hit by the pandemic, according to both investors and developers.

Nearly all surveyed investors (90%) and developers (93%) report maintained or increased risk appetites in 2021 compared to 2020.

The PJM, CAISO and NYISO electricity markets rank as the most attractive US markets for renewable energy investment and development over the next three years.

The report also tracks progress on the $1T 2030: American Renewable Investment Goal, an initiative ACORE launched in 2018 to help secure $1tn in private sector investment in renewable energy and enabling grid technologies by 2030.

One-sixth of the total $1 trillion campaign goal ($167bn) has now been met, despite a 12% decline in renewable energy investment in 2020.

To achieve the $1T 2030 objective, an average of $92.6bn a year will need to be invested through 2029 – an annual increase of 59% over the 2020 investment level.

“The soaring confidence in the renewable energy and energy storage sectors is encouraging,” said ACORE president and CEO Gregory Wetstone.

“If we are going to meet our $1T 2030 objective and achieve the President’s goal of decarbonizing the power sector by 2035, the status quo is no longer going to cut it.

“Renewable sector investors and developers seem to understand that this is the moment to accelerate investment in renewable energy and grid-enabling technologies to avoid the worst impacts of climate change.”