The efforts to quash renewable energy have, so far, been unsuccessful. And the trend continues, even as the new administration is persistent in their efforts to push renewables to the wayside. For example, earlier this year, President Trump signed an order to undo Obama’s carbon-cutting commitments on the Clean Power Plan. Just this summer, he even dropped out of the Paris Agreement.
These efforts to diminish renewable energy only increased efforts to develop more renewables. In the third quarter alone, almost $15 billion was spent on clean energy, making this the highest level in two years.
Why Spending for Renewables is So High
Companies are moving towards renewable energy for the price. Utilities are installing wind and solar without any government involvement, so the Clean Power Plan itself is more for show. It is much more economical for companies to produce solar and wind, as said by Amy Grace, an analyst at Bloomberg New Energy Finance. Since companies are jumping in head first into clean energy, whatever happens, government-wise, besides taxes, won’t make much of a difference in their efforts.
The Extra Benefits of Wind and Solar
Tax credits are another reason companies and utilities alike are buying into renewables. These energy sources are already cheaper than firing up old coal and oil plants, but tax benefits make these energy prices even more attractive to corporations. This way, companies can save money, energy, and sometimes, their reputation.
Corporations across the board are buying into renewable energy while they can and so far, it has only benefited their business. This renewable energy trend is moving rapidly into the future and nothing and no one can stop it.