Is Renewable Energy a Worthy Investment?
The US has made a big push towards renewable energy in the past few years. The new goal is to hit a 20% reduction in carbon dioxide emissions by 2030. This was the focus of a conference that recently took place in Washington DC.
The conference participants advocated for increased domestic investment in renewable energy sources. The goal was to see increased tax credits, re-authorization for wind power and solar power, as well as the development of a bill to encourage more states to adopt renewable energy, which aims to increase the current 14-year deferment of new offshore wind power development tax credits. The new proposal aims to extend them for five years more.
This is just the beginning, for the oil and gas industry is still going strong. Wind power alone is worth more than wind power development tax credits, and solar is also generating large amounts of power. If wind and solar continue to expand it might be possible for renewable energy to overtake the fossil fuel industry. There are a lot of companies working on renewable energy, and it is difficult to imagine that this push will not go on. With wind power development tax credits being renewed it is possible that the oil and gas industry can be seen once more as an “unabated” investment in renewable energy.
This conference showed investors that investing in renewable energy is a cost effective way to make money, and cost savings can be made in other ways too. If wind power development tax credits were extended, investors would have more options when it comes to investing in renewable energy.