Many people believe that Renewable Energy Technologies are devices that may have an impact on their lives at one point in the future, but hesitate at attempting to gain an understanding of the viable and affordable technologies that are available to them today.
The government encourages the growth of renewable energy industries by subsidizing installations. There is a 30% federal tax credit for photovoltaic and fuel cell projects in place, MACRS- the modified accelerated cost recovery system, and varying state incentives that allow for renewable energy technologies to be implemented in a financially responsible way at this moment. Pricing of systems will only get better with time due to the increasingly competitive nature of the various alternative energy companies. We are observing rapid technological advances in combination with price decreases. Government subsidies, however, will lessen as these technologies become more and more attractive on their own. So now is just as good a time to buy into alternative energy technologies as it may be later.
Photovoltaic production and installation has been become an impressive force amongst its alternative energy peers, showing a phenomenal capacity for growth in the past 5 years. According to the Earth Policy Institute, PV production has been doubling every 2 years since 2002, making it the world’s fastest growing energy source. Various projections show the industry continuing to grow at a 40 percent per year clip. Try to begin imagining your home or business producing its own energy with the latest advances in polysilicon or thin film technologies. It is likely this will soon be a reality.
The U.S. Department of Energy has instituted policy requiring that 5 percent of all energy consumed in the United States must come from wind energy by 2020. Wind installations in the U.S rose by 63% in 2007 according to the American Wind Energy Association. If you don’t think that wind energy is a solution for the individual consumer, contact PurePoint Energy so that we can open your eyes to a plethora of emerging wind production concepts that can generate power in your backyard.
Hydrogen, biomass and hydroelectric projects are sure to see similar growth in a world where the public is increasingly concerned with their own impact on the environment and the effects of global warming. That, in combination with the rising cost of electricity, will surely drive the growth of renewable energy technologies in years to come. Now, however, is the time to ask ourselves whether it is worth waiting until everyone else is making the move toward energy independence, or are we willing to set a pace in the emergence of renewable industries, and watch with satisfaction as our neighbors and counterparts inevitably follow our lead.
