Renewable Energy And Economic Growth In The United States

Economic growth and renewable energy go hand-in-hand. We have seen exponential growth in the clean energy sector over the past 10 years. One of the biggest benefits of the sector has provided beside clean energy is more jobs for American workers. Reports have found that renewable energy usage has grown to a record high amount in 2017. Fortunately, there are even more benefits that we are gaining from this clean energy movement. Let’s take a look at some of the aspects of clean energy and economic growth that we can expect to see in the future.

Wind Energy

There is an untapped amount of land that can be used to harness wind energy. The roaring plains in rural areas of the United States provide a fruitful area for wind energy turbines to be erected. A fantastic benefit that many farmers are capitalizing on is the fact that the government is incentivizing farmers to place these wind turbines on their property. These farmers are experiencing relief towards their lease payments, experiencing new tax revenues, and take pride in the fact that they are providing clean energy for the surrounding areas. The wind industry currently provides Americans with over 100,000 jobs in our country.

Decrease in Cost

Another fantastic benefit of utilizing renewable energy is the fact that many people will experience a lower monthly electric bill. This will allow businesses and private homes to reinvest or money into other ventures or for personal reasons. It is an unfortunate reality that many people in the United States spend more money on overpriced electric bills and everything else each month. This leaves them very little room to use their money for other projects or to put away each month.

Businesses also suffer from incredibly high electric bills that may financially hinder them from making financial progress. Fortunately, we are experiencing much lower electric bills thanks to our reliance on renewable energy. We can expect this number to lower even more in the future.

Solar Panels

We oftentimes think of solar panels whenever we think of renewable energy. Solar panels utilize the energy from the sun to convert into power that can provide us with electricity for our homes and businesses. The solar industry has been growing exponentially over the past 10 years. Records show that there are over 9,000 solar power companies in the United States alone. This means that many people are put to work to help install, repair and replace solar panels for houses and businesses.

The solar industry alone has created thousands of jobs for people who have the right skills. It should also be noted that the price of solar energy has begun to fall. This means that many people can begin to save money each month after they have installed a solar panel into their home or business. The Kukui Solar Project is a perfect example of this scenario.

The Decline of Coal

It is no secret that utilizing fossil fuels is incredibly expensive and dangerous for our environment. Fortunately, companies are utilizing fossil fuels less each day. Reports have shown that half of the coal plants that have been stationed here in the United States have gone out of business since 2010.

This is great news for the renewable energy industry. Many businesses are beginning to realize the fact that renewable energy is incredibly inexpensive and better for the environment overall. This could be a sign that many businesses are going to switch over to renewable energy over the next 20 years. We could see economic growth and positive environmental change in our lifetimes.

Batteries Are Becoming More Cost-Effective and Powerful

Lithium-ion batteries have been used for many different eco-friendly purposes. However, they have been rather pricey in the past. Fortunately, these batteries are becoming cheaper and more effective and their energy outputs. This means that we are beginning to see that it is only a matter of time before they dominate all other forms of competition on the market. We are already beginning to see an exponential increase in the number of electric vehicles on the road. More devices are also beginning to depend on lithium-ion batteries.

The Future is Bright for Renewable Energy

It is no secret that many businesses are wanting to switch over to renewable energy. However, it is difficult for businesses to switch over to cleaner forms of energy if they have been relying on older and more harmful forms for a long time. Fortunately, transitions are being made to make this entirely possible. Businesses and private homes have so much to gain from depending on clean energy. They are beginning to realize this potential and are doing what they can to capitalize on it. The future is bright when it comes to renewable energy and we can expect to see more cost-effective innovations created in the future.