The buzz around renewable energy sources has been floating all over the United States for the past decade. A recent Gallup survey indicates outstanding support from American people – to drop coal and oil-based products, and to adopt renewable energy sources in several aspects of their life.
In his book, “Fusion Capitalism: A Clean Energy Vision for Conservatives,” energy expert Steve Melink provides 4 persuasive reasons to embrace renewable energy this year, personally and professionally, and thus partake in the go-green windfall.
- Constantly decreasing costs now comparable with fossil fuels
Do you know that for the past 5 years, solar energy installation prices have consistently dropped by almost 40% every year? A decade ago, purchasing a solar installation to power your office could go up to $50,000 (for a 6 kilowatt design). Today, it can be easily set up for a fraction of that cost (between $15,000 - $20,000).
Also, it is twice as cheap to power your home through solar panels (under $10,000 for a 2kw setup).
- Invest now for 30-year bumper savings
While there is a sizable initial investment to switch to a renewable energy source, it becomes easier to overcome resistance when you review the large amount of savings they can generate over a 30-year period.
For instance, consider these figures shared by Melink in his book:
- Initial investment to install 2kw solar panels for powering your residence: approx.. $10,000
- Zero to minimal maintenance costs for 30 years (lifespan of panels)
With current government policies, a rooftop solar panel can help you establish a steady rate for energy production/consumption, across the entire lifespan of solar installation. Based on this:
- Expected yearly savings on energy bills: approx. $1,000
- Total savings gained during lifetime of solar panels: $30,000
Those figure indicates that NOW is indeed the best time to invest in solar panels, especially if you want to double your ROI during the course of its lifespan!
- Geothermal system efficiency
If you want to go green for your home or office, solar panels are not your only lucrative choice. Geothermal systems are also gaining in popularity, despite running on (a small amount of) electricity. In fact, recent advancements ensure they produce “three to five times” the electricity they consume! Again, good call by Melink for pointing this out.
Obviously, Melink is not its only champion. The EPA (Environmental Protection Agency, US) has released statistics that indicate residential property owners can enjoy up to 70% savings on utility bills during winter and up to 50% energy savings during summer. Again, those are undeniably attractive numbers!
Potential for large scale of production with opportunity to boost economy
As of 2020, America is not the world leader in the production of renewable energy. This is indeed unfortunate as given its geopolitical landscape. But the US is blessed with plenty of opportunity to invest in large-scale renewable energy installations. America is blessed in so many ways.
- Tall skyscraper buildings perfect for installing rooftop solar panels in large quantities.
- Rocky terrain areas that still receive copious amounts of sunlight every year.
- Acres of lush yet empty landscapes in the southern part of America, where sunlight is always available in plenty.
- Potential for landfills in cities to host solar panels and double up as solar farms.
Industry experts believe that growth has been stunted as the onus is on individual consumers to invest in the industry. In turn, they can depend on (inconsistent) government subsidies for economic feasibility.
But this paradigm could be set for a dramatic change in the near future if we can get our economy back, as US business leaders get heavily involved. As Melink points out, “American companies that invest in renewable energy for their own sake will also be investing in what could be a major growth industry for the nation.”