Last year was a fantastic year in terms of profitability for the solar energy market. The wind power market is also on its way up with its surge due to come in a few years time. Most people have come to terms with the fact the renewable is the best and only way to go, long-term when it comes to providing a sufficient amount of energy for global use.
In 2016 solar installations almost doubled in the US with figures published by the Solar Energy Industries Association that confirm over 14,500 megawatts of photovoltaic installations went online. That’s a 95 percent increase from the previous year. We’re also seeing a steady amount of wind power installations being constructed too. Some of which is due tax credits that have been made available for upcoming wind power projects.
Whenever renewable energy figures are discussed, capacity is normally all you’ll hear about, but it’s important to realize that this alone is particularly useful. To have large amounts of capacity, without the correct infrastructure to support the power, the capacity becomes irrelevant. But, making grid technology that can facilitate the growth of renewable is no easy or cheap task. Even so, renewable energy installations as a whole are still on the rise. The combined capacity of solar and wind power in the US is estimated to be around 123 gigawatts now, compared to 26 gigawatts in 2008.
This trend is expected to continue for the forthcoming years, even with Trump’s dislike of them. But, for how long it will last, who knows. If tax credits are abandoned in order to make way for renewables investors will have less incentive to part with their cash. Even so, not everyone will be put off. Barack Obama is one of many that feel the world’s transition to a renewable energy future is now so far forward that it’s irreversible. So as long as the majority remains in support of solar, wind, and any other renewable energy source, installations will continue, the market will keep growing, and Trump will have to concede and admit that renewables are definitely the way to go.
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