The sources of renewable energy are either supplied continuously by the sun or from inexhaustible sources like geothermal energy. Other sources like coal, natural gas, and oil have a slow rate of formation compared to the rate of consumption. The current use of renewable resources produces less pollution, stable and secure energy sources for the country, and they also pose as a potential source of economic development.
Some fear that transitioning away from fossil fuels to clean energy will hurt the economy. We are going to look at 5 ways in which renewable resources positively impacts our economy now and in the future.
Create more jobs
American people spending their dollars on American products are going to create more jobs here in the U.S. and will eliminate the possibility of foreign outsource. This means the renewable energy industry can provide significant growth to the job market. When you compare the use of technology to extract fossil energy and that for renewable energy, fossil energy technology is mainly mechanized compared to renewable energy tech. There is more job creation in renewable energy tech for every unit of electricity that is generated.
Some of the jobs created include project development, turbine construction and installation, manufacturing, transportation and logistics, maintenance and logistics, legal, consulting, and financial services. The Union of Concerned Scientists has identified that renewable energy produces three times more energy than fossil fuel energy.
There are several health benefits to renewable energy sources; fossil fuel energy has been linked with transmission of diseases through water and air pollution like heart attacks, respiratory problems, and neurological damage. On the other hand, renewable energy does not pollute the environment.
The use of renewable energy helps to reduce the cost of doing business, reduces premature mortality, sick days, and promotes a healthy workforce to keep employees productive.
A stable energy system
There are low risks of large-scale failures if you compare solar or wind energy to fossil fuel. Instead of one building as the single distributor of energy, we have several parts that are spread in one area. Even if modules like solar arrays or wind turbines are spoiled, the system can continue working.
Renewable energy offers stable prices
Since the fuel source of fossil fuel is the controller of energy prices, renewable energy offers stable prices. As the market for renewable energy keeps on growing, the costs are dropping, and businesses are taking advantage of the economies of scale. For example, in the hotel industry, electricity comprises 60 percent of total hotel utility expenditures. As the uptake of renewable energy increases, the cost of fossil fuel will be forced to drop as the demand drops. This will help even places that use fossil fuel.
Renewable energy benefits landowners, businesses, and the local government
Renewable energy benefits tax revenues from landowners and project owners who get compensated. Local businesses also benefit from maintaining the projects, and this increases profits as it reduces the money spent on importing natural gas and coal. This also keeps the money circulating in the local economy and people to have a disposable income to support their families.
Limitless Energy is passionate about quality, affordable, and sustainable heating and electrical options for companies and families alike. See how we can help you make your lifestyle more eco-friendly here!