Make no mistake, renewable energy is a big business.
It’s the fastest-growing energy source in the US, increasing a huge 100% from 2000 to 2018 — and it’s increasing still.
There are numerous benefits of renewable energy, but the economic benefits of renewable energy are some of the most important! We’ve outlined five of them below, so just keep reading for some useful renewable energy facts.
1. Creates Jobs
Across the world, millions of people work in renewable energy, and new jobs are being created all the time.
Predictions made by the US Bureau of Labor Statistics suggested that the demand for solar photovoltaic installers and wind turbine service technicians will grow by 105% and 96% respectively from 2016 to 2026, making them the fastest-growing jobs in the country.
However, there are plenty more other jobs out there. From manufacturing to marketing, renewable energy will continue to create a variety of jobs.
2. Lower Energy Costs
Renewable energy tends to be cheaper. Switching gives households and businesses the opportunity to save money on their bills — should you get in touch with a solar panel installation company and get panels installed, you could, in theory, bring your energy bill right down to zero.
On a macro level, lower energy costs will give consumers more money to spend elsewhere, increasing consumption and boosting the local economy.
3. Capital Investments
Renewable energy is becoming an increasingly attractive proposition for the investment of capital.
Investment in 2004 was under $50 billion per year, but that sum has increased to $300 billion in recent years — this outnumbered fossil fuel investment by about three times.
Therefore, it could be in your best interest to move towards renewable energy.
4. Less Pressure on Utility Companies
A combination of solar energy and net metering works to lessen the strain on utility companies across the country — particularly during peak times.
Even when there have been extreme circumstances or inclement weather conditions, utility companies have been able to handle the situation better where renewable energy is used.
In short, when the demand for energy is at its highest, the use of renewable energy will minimize the chances of these companies being overloaded.
5. Energy Independence
By using renewable energy, you’re decreasing the country’s reliance on foreign energy!
Each day, we use an awful lot of energy through our appliances, homes, cars, and gadgets — by switching to renewable energy, we can reduce the dependence on foreign fossil fuels.
As we use less oil from elsewhere, we can keep money in the US, making the economy stronger and, going back to our first point, creating more jobs too!
Other Economic Benefits of Renewable Energy
As important as the economic benefits of renewable energy outlined above are, they aren’t the only ones.
There are numerous additional reasons as to why the cost of renewable energy is definitely worth it. From increasing the value of a property to maintaining stable energy prices, renewable energy has plenty of economic benefits. Why not consider switching?
If you’re after more advice like this, why not check out the rest of the posts on our site?