The net-zero economy is going to cost a lot of money. From Tsvetana Paraskova at oilprice.com:
- The U.S. power grid is strained as-is, with disruption and outages becoming more frequent in many regions.
- Regulatory ‘nightmare’ makes investments in the grid more complicated.
- Grid upgrades may cost up to $2 trillion through 2050
Getting America to reach the goals of zero-carbon electricity generation by 2035 and net-zero economy by 2050 with a surge in electric vehicle transportation and renewable power installations will require massive investments in outdated power transmission lines and building thousands of miles of new lines. The undertaking is huge, and it’s so huge not only because the price tag for making the U.S. grid capable of handling a net-zero economy is estimated at a couple of trillion dollars. Permitting, regulation and uncertainty over who is and should be in charge of the massive transformation of the power grid are also major hurdles to booming renewable power generation and massive adoption of electric vehicles (EVs).