The COVID-19 pandemic tragedy seems like it might eventually come to an end as vaccines get announced. Some families are still trying to recover from the economic downturns in 2020 that were the worst circumstances for some since the Great Depression.
With global energy use falling by at least 6% because of fewer transportation needs, renewable energy has the chance to shine in its new spotlight.
Although wind turbine installations were down for the year and layoffs were sometimes double for the renewable industry over what the fossil fuel companies experience, the future to bet on is still the environment.
The United States gets about 15% of its total electricity from renewable sources. Over the next decade, that rate could double – or triple.
What Could a Joe Biden Administration Provide for Renewables?
The Biden Administration could work with Congress to expand the tax incentives that solar, wind, and geothermal producers receive. If these industries got as much as the oil and natural gas producers in monetary benefits, we’d see a rapid expansion of this technology.
Even without the government’s help, renewable producers have made significant strides to improve manufacturing efficiencies. Since the 1970s, the cost of solar panels has steadily fallen. New technologies for wind, including offshore installations, help us to harvest more of what our planet produces.
With geothermal innovations, we can turn the planet’s natural heat into something usable without producing the same long-term greenhouse gas pollution levels.
Why is renewable energy a potentially lucrative investment today? We receive enough sunshine each day to take care of our current electrical consumption for an entire year. If we learn to harness this resource, we could significantly expand our contemporary society without increasing carbon dioxide and other reflective gases.
Between today and 2025, about three-quarters of all new investments in power generation will target the renewables sector. With that kind of forecasting, there isn’t much that can get in the way to slow this technology down.