Solar energy could be a lucrative focus for the USFebruary 6, 2013
US may be missing out on revenues in the global solar energy market
The U.S. has been showing an aggressive interest in renewable power over the past two years, but the country could be missing out on a significant opportunity in the global solar energy market. A new report from the Pew Charitable Trust, a non-profit political organization, suggests that the U.S. may be losing out on more than $1 trillion in revenue in the solar energy sector. This is largely due to the government policies that exist that have stifled the country’s involvement in the global energy market and the political atmosphere concerning renewable power in general.
Support for renewable power often linked to climate change
Politics plays a big role in the U.S. alternative energy sector. Alternative energy is often associated with climate change, even when the companies and organizations behind some of the country’s largest renewable energy projects take measures to avoid the issue entirely. Because of the controversial nature of climate change, many lawmakers throughout the U.S. have shown unwillingness to support alternative energy, lest they be thought of as a supporter of the anti-climate change movement. Pew Charitable Trust suggests that this may be a problem for the country’s position in the global solar energy market.
US falling behind other countries in terms of clean energy
The report notes that the U.S. is falling significantly behind other countries that have adopted a strong focus on solar energy. Germany, China, and Italy have all surpassed the U.S. in terms of installed solar energy capacity and these countries are showing no signs of slowing down in terms of their adoption of this form of renewable power. The report calls for the U.S. government to introduce new measures that would bolster the countries adoption of solar energy and increase the support that solar energy projects have access to throughout the country.
More than $1 trillion at stake in solar energy market
The Pew Charitable Trust report suggests that the U.S. could generate more than $1 trillion in yearly revenue through the expansion its support concerning solar energy. While increasing the country’s support for solar energy is no small task, it may translate into enormous economic benefits in the future and move the country one step closer to breaking its reliance on fossil-fuels, such as oil and coal. Moreover, a stronger focus on solar energy support will help the country establish a stronger presence in the global energy market.