This year has been a big win for those who have been rooting for a larger renewable energy industry and reduced dependence on carbon based fuels. There have been several initiatives, legislation, and events that are expected to invigorate the growth of solar, wind, and other alternative energy markets.
– In October, the 30-percent Federal Investment Tax Credit (ITC) was extended for 8 years. Notably, this extension removed the low monetary caps for residential installations. Additionally, for the first time, publicly regulated utilities can now monetize the ITC, making direct investment into solar project assets less costly.
– In November, the Environmental Protection Agency (EPA) rejected a permit for a new coal-fired power plant in Utah. The Kansas Department of Health and Environment also denied permits for two large coal-fired units. Each of these decisions results in a reduction of greenhouse gas pollution as well as questions the future of new coal plants, which is significant since coal fired plants account for over one half of domestic electrical power production and over 1/3 of CO2 emissions.
– Earlier this month, California announced its goal that new residential developments will achieve net-zero-energy status by 2020 with new commercial developments requiring net-zero-energy status by 2030. Governor Schwarzenegger also issued an Executive Order mandating that California utilities produce 33% of their electrical energy from renewables by 2020.
– The Obama administration’s Renewable Energy Plan requires 10% of USA electrical production to come from renewable sources by 2012 and 25% by 2025. The plan is expected to create 5 million new jobs through the strategic investment of $150 billion over the next 10 years in efforts to build a new energy economy and clean energy future.
As the cost of polluting sources for electrical production continues to rise for utilities and their customers, renewable sources of energy will become a substantial part of America’s energy future, attracting investment, expanding manufacturing capacities, and lowering the cost of electrical energy. The clean energy future is gaining momentum and intelligent investors will take the time to analyze these trends.
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