As market volatility and global unrest continue to create massive fluctuation in fossil fuel markets, renewable energy is proving to be the future of energy production. Here are five reasons that signify the shift to renewables.
- Big Business is investing in renewable energy.
Hundreds of Fortune 500 companies across the nation have committed to either installing or investing in renewable energy projects in hopes of regulating and controlling their operating costs.
- The majority of states in the U.S. have enacted policies that promote renewable energy. Thirty-eight states plus the District of Columbia have a Renewable Portfolio Standard (RPS) or Renewable Energy Standard (RES). An RPS and an RES are regulations that set the percentage of energy production to come from renewable energy sources, such as wind, solar, biomass, or geothermal.
- Renewable energy is as cost-effective as fossil fuels.
According to a 2019 International Renewable Energy Alliance report, the global average for renewable energy production can now compete on cost with oil, coal, and gas-fired power plants.
- Renewable energy consumption has surpassed coal.
According to the U.S. Energy Information Administration, for the first time in 130 years, the U.S. consumption of energy via renewable sources has surpassed that of coal.
- Solar is more popular and affordable than ever.
The growth and popularity of solar among consumers has resulted in record low product and installation costs. And once installed, solar has almost no required maintenance.
Download our eBook, Renewable Portfolio Standards, Explained, to learn more about the importance they bring to the world of solar and how they benefit the consumer.