Wind and solar energy to see a boom in 2016January 5, 2016
Clean energy may experience record year of growth as support increases
Wind and solar energy may be set to see record growth in 2016 as new projects take form throughout the world. In the United States, projects focused on these two forms of clean power will continue to receive strong financial support from the federal government. Congress has decided to extend tax credits for energy developers in the hopes of ensuring the continued growth of the renewable energy sector throughout the country.
Fossil-fuels are becoming less expensive, but wind and solar energy continue to find favor
While both wind and solar energy are expected to see significant growth this year, the cost of fossil-fuels has been falling globally. This has made producing electrical power through the consumption of fossil-fuels, such as coal and oil, less expensive. Despite this, more countries are looking to make use of renewable energy in order to become more environmentally friendly and accommodate their increasingly strict emissions regulations.
Demand for clean power systems is growing throughout the world due to government support
The demand for solar and wind installations grow quickly since the United States approved the extension of tax credits. Developers and investors are showing more confidence in the U.S. clean power market because of government support and several promising projects are expected to take form this year. This is a trend that is being seen in China and developing economies as well, where the demand for clean power, particularly solar energy, is on the rise.
Falling cost of clean technologies makes it easier for countries to embrace wind and solar energy
Not only is government support for wind and solar energy growing, but clean technologies are becoming less expensive. Several companies specializing in wind energy have embraced efficient manufacturing processes, dropping the cost of wind turbines and ensuring that they can operate at a higher standard. Photovoltaic technology is also becoming less expensive, which has lead to a boom in the solar energy sector, where the adoption of solar power has accelerated over the past few years. Notably, the residential sector has shown great interest in solar energy, as it allows homeowners to distance themselves from traditional forms of power.