The word “green” is associated with both the environment and the economy. Savvy home and business owners know that this dual association is not a coincidence.
In fact, it is possible to save money and the environment at the same time. These five renewable energy facts prove it.
- Renewable Energy Options Are Varied
Renewable energy sources are also referred to as clean energy sources. Unlike traditional fuels, like coal, oil, and gas, renewable sources are naturally replenished.
Currently, the most popular types of renewables include wind, water, and solar power. In fact, experts predict that solar energy could supply almost 80% of US energy needs by 2050. However, biomass, geothermal, and tidal energy offer additional promising clean energy sources.
This diversity of renewables makes it possible to choose the best option for your needs and budget. Renewable energy professionals like Blue Raven Solar offer valuable expertise to home and businessowners making these decisions.
- Renewable Energy Options Are Reliable Around the Clock, Around the Country, and Throughout the Year
Some consumers mistakenly assume that climate conditions in their region put renewable energy options out of reach. However, homeowners in all regions can enjoy the benefits of renewable energy.
Take solar panels, for example. This technology relies on the sun’s rays, which can vary in strength depending on geographical location and the time of day or year. Yet mechanisms, like net metering, let consumers store excess daytime solar energy for use at night.
Americans who live in colder climates and are thus hesitant to explore solar energy should also consider the following fact. Nordic countries, like Finland, just 100 miles south of the Arctic Circle, are among the global leaders in solar energy.
- Renewable Energy Is Increasingly Cost-Competitive
Many people assume dirty energy sources, like coal and oil, are cheaper. In the past, this assumption was often true. Increasingly, though, innovations have made clean energy sources less expensive. At the same time, the costs of traditional energy sources have increased.
This is precisely because traditional energy sources face increasing demand and declining supplies. Traditional energy sources are also subject to market volatility, which does not likewise impact the renewable energy industry.
- Tax Credits Enhance the Economic Benefits of Renewable Energy Investments
Despite the long-term savings, renewable energy can entail a significant upfront investment. However, state and federal tax incentives allow homeowners to claim solar panel installation and other costs as a dollar-for-dollar credit on their taxes.
- Renewable Energy Is the Future
The benefits of solar panels and other renewable sources trace a clear trajectory. This trajectory entails the rise of renewables and the demise of traditional energy. This trajectory, moreover, is already apparent in current industry statistics.
Electricity from renewables first exceeded the output of coal-fired plants in April 2019. Renewables are expected to maintain this dominance in the long term.
Meanwhile, the traditional energy industry is expected to dominate power plant retirements. Indeed, coal and natural gas suppliers were expected to account for 85% of plant closures in 2020.
Making Renewable Energy Facts a Fact of Life for You
The growing dominance of renewable energy benefits consumers and the environment alike. Now that you know these renewable energy facts, it’s up to you to put them to use.
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