Forecasting of Renewable Energy Production in United States: An ARIMA Based Time Series Analysis

The demand for energy has increased worldwide and the planet is facing acute shortage of resources such as fossil fuels for production of energy. These unrenewable sources of energy production leads to pollution of the environment, and drastic long-term climate changes. As modern technology has made advancements with manufacturing and increasing efficiency of renewable sources of energy, many nations have started adopting them. The study investigates the production of renewable energy for the United States utilizing ARIMA techniques of time series analysis. Monthly data for energy production for duration January 1973-December 2019 has been analyzed to forecast for 10 timeperiods in future from January 2020 to December 2020. The study will serve as basis for forecasting the demand and production of renewable energies in other geographic locations. The analysis considers only the total renewable energy production.