Image Courtesy : NSW Renewable Energy Precincts
Renewable energy market is an increasingly growing economic force and an environmental beneficial factor that has generated a great amount of revenue while cutting down on harmful effects caused to the nature- that were a major cause of concern since the industrial age began. Among Hydro-power, wood biomass, wind power, liquid biomass, other biomass, geothermal and solar, there have been created variety of energy resources that industries produce in variety of forms. Wind, solar and geothermal energy resources have recorded a higher demand in the US due to cuts in prices and production in large size and expansion to wider regions. Other countries such as Germany have long been implementing and investing in renewable energy resources as the 25% supply of electricity is generated from solar power and the proportion is estimated to increase by the month.
The US, on the other hand has been largely equipped with wind-powered, geothermal and solar energy markets rising with an increased demand in sustainable energy resources, unlike few years ago when conventional utility companies and governments believed that solar and wind powered resources are expensive and they rely heavily on enormous subsidies, but studies and statistics have shown that solar powered resources are repaying subsidies at an unimaginable rates; thus, renewable energy markets in the US have surged despite uncertainty over federal tax credits and a slower rise in national economy. The newly built solar panels are considerably cheaper than before and the rates are expected to improve in the coming years.
The most common renewable energy used across the world and in the US households, businesses, organizations is the electricity that is generated from clean and renewable sources such as wind and solar. Many countries began to concentrate on utilizing renewable resources after global environmental concerns started growing. There have been numerous steps and measures taken to reduce negative effects caused to the environment by industries; especially after realizations due to effects of extensive usage of raw materials such as wood, water and minerals. The US has been one of the biggest consumer and is becoming one of the biggest producers of renewable energy by utilizing wind and solar powered energy resources. Major utilities and electricity generators in renewable energy market are growing with the demand as governments and many organizations are urging to take up initiatives for reduction of carbon footprint caused by heavy industrialization. Solar and wind energy have been gaining a great momentum in the US as the conventional hydro-electric is taking a step back.
The accelerated growth of renewable energy projects are responses to the powerful combination of high energy prices and growing governments support. The US geothermal energy is expanding and solar energy is beginning to look like there is going to be a great hope for preservation and protection of environment. Wind-powered energy resources lead the way in the US as production has increased largely since 2012. The US wind energy industry will soon experience an enormous boost as the hundred of thousands of megawatts of wind turbines are planned to be installed in Texas, this plan is estimated to provide approximately 20% of the country;s power and keep wind turbine factories in operation for decades to come. In Geothermal energy sector, the US ranks fourth globally and the plans for higher quality sustainable energy resources production are supported in great numbers. In the next three years to come, solar, wind and geothermal energy are expected to increase the number of megawatts using these three energy resources and according to Energy Information Administration, the renewable energy will account for about 1/3rd of new electricity generation to the US grid.