Study predicts staggering surge in American electricity demand — here's what it means for retail prices

A recent report by the consulting firm ICF is projecting that by 2050, the U.S. will have 78% more need for electricity than in 2023, according to Axios.

The scoop

Before then, the report suggested Americans will see a 25% rise in demand by 2030 that will be driven by particular needs in certain areas, such as electric vehicles and data centers in California and crypto mining in Texas.

To meet the demand, electricity generation will need to increase at a rate roughly twice that of the last five years, according to Axios. The gap between supply and demand could cause some consumer utility rates to double by 2050.

How it's helping

Having a heads-up on impending electrical costs can have consumers looking to invest in solutions now. Home solar can help users dodge current and future costs as well as curb atmospheric pollution produced by a largely dirty grid. The upfront investment of solar panel installation remains a barrier for many, however.

Palmetto's LightReach program is one way in which homeowners can reap the benefits of solar with plans that require zero down payment. It leases solar panels to residents who aren't quite ready to own.

Palmetto operates in 31 states, combining leases with purchase agreements for power to get solar panels installed on as many homes as possible.

For those who can make more of an upfront investment, EnergySage also has an online tool that can connect homeowners to local vetted solar installers. They can help knock up to $10,000 off residents' quotes.

Can't figure out whether you want to lease or buy? Take a look at this guide, which weighs all the pros and cons. 

What everyone's saying

ICF said it will take a wide range of technologies to meet rising challenges to the electrical grid.

"Meeting this demand will take a coordinated effort from across the energy sector on an 'all-of-the-above' strategy that invests in a broad mix of solutions," said Anne Choate, executive vice president for energy, environment, and infrastructure at ICF, per Axios.

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