The entire American population and renewable community are drawn towards the much interesting fall of crude oil pricing and its impact on the stock market. A few interesting facts have even been shared in the Wall Street journal. What the readers often overlook is the fact that the renewable energy sources are turning inexpensive as the oil prices drop. The gap is gradually getting narrowed by the right combination of things like lucrative policies and modern infrastructure among other things.
Renewable Energy Sources
The US has shown considerable improvement towards its outlook for renewable energy. When compared to conventional power, wind power now seems a lot cheaper. However, wind power can only be used effectively in certain places within the US and not anywhere you wish.
The last few years have even witnessed a rapid growth of solar power. About 40% of the latest electrical power generation capacity utilizes solar energy. Solar panels are placed for absorbing the rays of the Sun and utilizing that energy for generating electricity. This has been stated in a recent report shared by the Solar Energy Industries Association.
Millions of American homes are enjoying an energy capacity worth 22,700 megawatts, which is the outcome of this industrial growth. A widespread growth in this area demands considerable support from installation support services like the ones that supply the much necessary solar cable. As an outcome of more generation of solar energy, the cost of installation has fallen by over 70% during the last 10 years and by over 40% on households since the last 6 years.
Hydroelectric power is also a key source of renewable energy. The total capacity of generating hydroelectric power is now worth 79,000 megawatts. All over the U.S. there are about 2,400 facilities that help in producing hydroelectric power. Most of these facilities are now situated near the West Coast. The overall production of energy in the US between the year 2000 and 2010 has been contributed by hydroelectric power by up to 7.2%.
The last few years has seen an upsurge in utilization of wind power. The threshold of 70 gig watts was crossed by production wind energy during the last December. Some 19 million homes within the US can now be served by power generated from wind. The advancement in wind infrastructure has been one of the leading causes behind such a huge leap forward. About 50,000 turbines are now working simultaneously for generating wind power across 40 US states.
Going Green certainly holds much promise with so much of growth in the renewable energy sector. By the end of 2040, this form of energy is expected to become the fastest expanding source of energy as per the report drawn by the US Energy Information Administration. Storage and installation solutions are also likely to be improved with the advent of technology in this area. By the end of 2050, about 80% of overall electric power energy will be delivered by the renewable energy sources in the US.
The goal of producing renewable energy in the US could be easily achieved with some assistance coming from our federal and state programs. Both our economy and climate are likely to be benefited from this transformation.