The nation\u0026#039;s transition from dirty to renewable energy is \u0022nearing exponential growth\u0022—a shift set to usher in \u0022transformative\u0022\u0026nbsp;impacts within a handful of years.\r\n\r\nSo declares the Institute for Energy Economics and Financial Analysis (IEEFA) in its \u0022U.S. Power Sector Outlook 2021\u0022 report released Wednesday.\r\n\r\nAmong the key findings (pdf) are that wind and solar are the least costly power generation option in much of nation.\r\n\r\n\u0026nbsp;\r\n\r\n\r\n\r\nThe analysis also points to President Joe Biden\u0026#039;s announcement this week regarding efforts to boost offshore wind as set to \u0022have a major impact on the speed of existing development efforts along the East Coast.\u0022\r\n\r\nExpected new offshore wind capacity \u0022will certainly undercut any need for new fossil fuel generation in the region, as well as vying for market share with existing fossil fuel generators,\u0022 the publication finds.\r\n\r\nThe fast decline of coal is projected to go into high gear, according to the report. Coal made up less than 20% of the U.S. electricity market in 2020, and coal generation capacity is in free-fall, dropping 32% from its peak 10 years ago. And while higher gas prices could tick coal generation upward this year, the analysis forecasts it would be \u0022a short-lived reprieve\u0022 lasting a year at best.\r\n\r\nWhat\u0026#039;s more, a number of coal plants are already set for retirement, and that number \u0022in the coming decade is going to climb sharply,\u0022 the analysis forecasts.\r\n\r\nGas, meanwhile, has plateaued. The narrative of it serving as a so-called bridge, according to the report, \u0022has now been closed\u0022\r\n\r\nAdditionally noted in the analysis are the major strides wind and solar are making. Thanks to a surge in capacity, \u0022utility-scale wind and solar accounted for more than 10% of total U.S. electricity generation in 2020 for the first time.\u0022\r\n\r\nIndustry predictions are for 54 gigawatts of new utility-scale solar for commercial operation by the end of 2023—which would mark a doubling of capacity.\r\n\r\nFurther aiding the U.S. move away from fossil fuel energy is that the Trump administration has ended. It\u0026#039;s clear, the authors write, that \u0022the new Biden administration is going to take a much more aggressive policy approach over the next four years to quickly push the U.S. electricity sector to be less carbon-intensive.\u0022\r\n\r\nTipping the scales more towards renewables is the strong growth in battery storage installations. No longer a \u0022a niche product with limited applications,\u0022 there are now \u0022markets for storage across the board.\u0022\r\n\r\nThe bottom line, according to the analysis, is clear: \u0022Cleaner and lower-cost wind and solar, coupled with battery storage, will drive fossil fuels out of the market.\u0022\r\n\r\nAs report co-author David Schlissel, sees it, the writing on the wall for fossil fuels is clear.\r\n\r\n\u0022This is just the start of a transition that is rapidly accelerating, driven by sharp declines in cost, stricter environmental regulations for coal generation, and mounting public concern about climate change,\u0022 he said in a statement.