Distributed by SolarBank Corporation.
Although solar energy has been a topic of discussion for decades, the debate is largely due to lack of adequate government support and energy conservation issues. It seems that these two barriers to entry are no longer a problem and the age of the sun has arrived. To date, 79% of total energy production in the United States comes from fossil fuels, 36% from oil, 32% from natural gas, and 11% from coal. However, experts predict that will soon change as the Biden administration sets an ambitious goal of 80% clean, renewable energy generation by 2030. The US is lagging behind in many ways because European countries have already taken the right steps. Transition to renewable energy for a while; Today, the Biden administration has committed $369 billion to this goal, and Vision Market Research predicts that the market for solar energy systems could reach $607 billion by 2030.
The US solar market has seen significant growth over the past decade, with 42% annual growth. The trend is expected to continue with another 41% increase expected this year alone. Bloomberg Intelligence predicts that solar energy will become the fastest growing sub-segment of the energy industry by 2023. In addition, solar companies such as SolarBank SUUNF and SunPower SPWR are working to grow and create more significant markets in this area. . part.
In addition to environmental concerns over the continued use of fossil fuels, geopolitical events have forced countries to rethink how they obtain energy. In particular, the war in Ukraine has raised concerns about fuel supply disruptions and the polarization of investor and government views on fossil fuels. With the decline in solar installations, solar power is now widely supported and many homes are making the switch.
The Inflation Reduction Act also played an important role in providing financial incentives to consumers and reducing the financial burden of going green. Extends the Solar Investment Tax Credit (IST) for another ten years, providing a 30% credit for acquisition costs and an anticipated 50% credit for certain governments and businesses. The business world is also under increasing pressure from consumers to embrace zero carbon programs and embrace clean energy.
With more government support, companies like SolarBank can really thrive SolarBank is a leading renewable energy company specializing in the development of solar energy projects in Canada and the United States. The company is known for its unique approach to solar energy and its partnerships with industry giants such as Honeywell International HON .
SolarBank recently made headlines with a commercial deal for a New York solar project in partnership with Honeywell International. The project involved building a "prison" solar power system to support a Honeywell water treatment system. The solar plant has a capacity of 683.55 kWh/km and is expected to generate more than 753,000 kWh of clean, renewable energy in its first year of operation.
The company has invested in solar parks, small solar projects that provide energy to local communities. SolarBank expects this to be a growth market and is already establishing itself as an industry leader with projects serving more than 4,000 solar customers in New York. Since utilities constitute the largest segment of global demand for the company, it has maintained its focus on utilities in terms of capacity.
With big companies like Google investing billions in renewable energy, the rise of solar power is inevitable. Ambitious goals set by the U.S. government, combined with financial resource allocations, tax credits, investor pressure and the low cost of solar installations, are encouraging solar energy to become one of the most widely used energy sources year-round. Come on. Companies like SolarBank can play a key role in the development of this sector.
Image courtesy of Kirsten Wirth on Unsplash.
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