Solar Panels - a Bright Spot in the Economy?
Things may seem pretty bleak these days with massive layoffs announced at Starbucks, Microsoft and Caterpillar recently. I tend to focus on the tidbits of positive news, which appear to be more and more infrequent. So, imagine my surprise when I read yesterday that people are continuing to invest in renewable energy sources, like wind and solar.
For the first time ever, renewable energy sources accounted for the biggest share in the increase of the electrical capacity of the United States. What does this mean? In short, more alternative energy projects were built than new coal-burning power plants in 2007.
And more should be on the way:
Not all communities want to go green for the sake of saving the environment. I had coffee yesterday with the proponent of a wind project in an area of Oregon that is more interested in hunting and fishing than worrying about global warming. But one thing that will resonate from region to region is the idea of new tax revenues and new jobs for areas hit hard by the recession. Construction laborers, developers, electricians and more have been affected by the downturn in construction, but are easily qualified to work on renewable energy projects.
The statistics are found in a report called Electrical Power Annual 2007:
In 2007, general electrical capacity increased by 2.3%, from 4,065 million megawatt-hours in 2006 to 4,157 MWh in 2007. The total net summer capacity saw total increase of 8,673 MW. And out of that, wind power alone accounted for 5,186 MW: the largest portion of the energy increase pie graph.
Even though we still have a lot of progress to make (renewable energy only accounts for a total of 2.5 % of total electrical capacity), it is important to recognize these significant strides towards clean, green energy and future independence from foreign oil supplies.
If I had extra money to invest, this is where I would put it. What do you think about the future of renewable energy? Safe bet, or risky proposition?
Tags: recession, renewable energy growth
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