We’re all ringing in a new year and saying goodbye to one of the most unprecedented trips around the sun yet. With the new year, has come a significant rise in discussion around solar energy and other renewable energy trends.
Global Energy Demand Is Rising, Increasing The Popularity Of Renewable Energy
The excitement in the renewable energy industry is at an all time high as we have rung in the new year. Since 1970, solar power has transitioned from utilizing the sun’s energy to power a few Edison bulbs to what is now a multi-billion dollar global industry.
When it comes to providing solar energy for the average home today, there are more solar companies than ever reaching out and willing to help. Between the increase in solar companies and the financial incentives to going solar, it is no surprise that the demand for solar and many other renewable energy trends is increasing exponentially.
Here Comes The Sun
Since 2006, the solar industry throughout the United States has continuously grown. Much of the growth of these renewable energy trends can be attributed to the federal ITC, or investment tax credit, which allows homeowners to install solar panels and other renewable home upgrades and claim a tax credit at the end of the year. This ultimately allows consumers to go solar for a much lower cost.
Currently, the ITC remains at 26%, and has been at that rate for the past year. There was a long-standing intention to lower this credit to 22% when the clock struck midnight to 2021, but green energy advocates in the Senate thankfully blocked the credit from decreasing. With the recent passing of the 2020 federal omnibus, the federal tax credit has received an extension of the 26% rate through 2022! This extended tax credit will certainly increase homeowners’ and businesses’ increasing trend towards renewable energy.
More People Are Expected To Work From Home, Even After The Pandemic
It comes as no surprise that due to COVID-19 impacting our daily workplace, many people across the U.S. are and will continue to be working from home. In fact, more than double our workforce is doing so!
Since people spending more time at home means that their home appliances are being used more often, we’re seeing higher energy costs in suburban and rural areas. Sure, we may have collectively cut down our commuting expenses, but our energy bills are more than likely to have compensated for it as a result. This spike in energy costs is leading consumers to rethink the way they power the necessities that run their household, bringing renewable home improvements to the top of their list.
Climate Change Is Here To Stay
The effects of climate change are becoming more egregious with each passing year. Ask any California homeowner who was witness to the massive fires that ripped through communities last year. Some officials in the region have even gone so far as to say that year-round fire seasons will likely be the new norm, and that we must find ways to protect our homes and adapt to the circumstances.
In order to rely less on the energy grid and more on their own energy resources, home and business owners alike are moving towards solar energy systems that include battery power back up. Energy independence is now much easier than one might think, and renewable energy companies are doing what they can to support those ready to make the switch. As global warming isn’t going away any time soon, the pursuit of energy independence is likely a permanent renewable energy trend.
Less Carbon Equals More Green (Literally)
The global economy is expected to make an impressive rebound in productivity later this year, as developing countries will see a rise in population, access to various energy sources, and ultimately higher demand for the modern standards of living. These factors combined will lead to an increased energy demand by about 28% worldwide by 2040.
With such growth comes the need for greater efficiency in both production and consumption of energy. Partnering this need for energy efficiency with a U.S. administration actively advocating for environmental change, we are likely to see the continued growth and adoption of more renewable energy trends across the globe.
A Renewable Energy “Arms Race”
It’s clear that within any hot commodity market, there’s bound to be intense competition for the top spot. It’s no different within the renewable energy sector when it comes to the latest renewable energy trends, as several companies both big and small are making incredible strides.
General Electric, one of the world’s largest private companies in energy production, is becoming an even more formidable contender in the renewable energy industry with the introduction of their latest 13 megawatt offshore wind turbine. This turbine has the capacity to generate enough energy to power up to 12,000 homes.
With the ever-increasing size of modern wind turbines, there still is no telling what the absolute structural limit is before we reach the breaking point of their integrity. Even if and when we reach it, there will always be the competitive undertaking of making a bigger, better power plant in both the public and private energy sectors as this renewable energy trend continues to grow in importance..
The Pulse Of Renewable Energy
Whether you are just googling “solar power” for the first time or you already have an installation for your home or business scheduled, it is likely that the increasing popularity of multiple renewable energy trends has caught your attention.
The cost of hopping on these renewable energy trends is lower than ever, and the savings accrued over time are at an all-time high. Both our home and your wallet will benefit from going solar.
If you want to know the specific benefits of joining the renewable energy trend and what you would save with a solar system, click this link to get your free satellite-powered estimate in less than a minute.