The fastest growing energy sector of the past decade is the renewable energy sector. With a 134% growth for wind and an even more impressive 723% growth for solar energy, This sector is making huge waves in recent years. With the market size at $954 billion in 2023 alone, all eyes are turning towards renewable energy and here is what you need to know.
Renewable energy has been making great advances throughout the years. The cost of solar electricity has dropped by almost 90% and onshore wind following suit with a 70 % drop, crude oil on the other hand has more than doubled since 2020. The difference is stark, but why do fossil fuels contribute the major part of US energy production?
“At this point it is still profitable to produce energy from fossil fuels than renewable energy sources,” says ecology teacher Mr. McNair. “America is the largest producer of oil, and with lucrative subsidies in the fossil fuel sector, it is the focus of major companies. Renewable energy– although it is growing– is not as profitable as fossil fuels.”
Mr. McNair also predicts that it would be likely that in the future the cost of extracting and processing fossil fuels will exceed its profitability meaning that there would be a decline in fossil fuels and more effort would be put into the renewable energy sector.
But what does all of this mean for the average person?
It’s a good chance to save money!
The Residential Clean energy Credit system is there to reward those in support of renewable energy. Its an extremely lucrative offer that some 1.2 million households have seized and claimed more than $6 billion dollars in tax credits for their residential clean energy investments. There is no reason why you shouldn’t join in!
In light of all of these, the substantial market size of this sector is showing favourable increase and forecasts which bodes well for this budding industry hinting at good investment opportunities and job availability. Whether it’s investing or employment, the renewable energy sector is indeed something to pay attention to.
