Solar panels are good for the environment, but did you know that solar energy is also good for the economy? As we deal with the impacts of climate change, governments are under pressure to move away from fossil fuels and make investments in solar energy on a big scale. If you’re a business owner or a homeowner and you’ve been considering going solar, it’s great to know that your decision will be beneficial for the climate, as well as the economy.
#1. Solar Energy Diversifies The U.S. Energy Mix
Experts in the energy industry largely agree that diversification is a positive thing because it strengthens the security of existing energy infrastructure. Energy comes from a range of resources, including oil, coal, natural gas, solar, wind, hydro, and geothermal. Diversifying the U.S. energy mix can help prevent price spikes and reduce the chance of energy crises after natural disasters.
For example, in February 2022 a snowstorm hit areas of Northern Texas that had never seen this type of weather. The energy infrastructure failed because it wasn’t equipped to handle a snowstorm, and hundreds of thousands of people were without power in below freezing temperatures.
#2. Solar Energy Creates More Jobs
E2, a nonpartisan group, released the 2020 Clean Jobs America report focused on helping the American economy recover in the wake of COVID-19. The report found that more than half a million jobs in the US are supported by renewable energy, with solar energy specifically supporting around 345,000 jobs.
Also, nearly 40% of all energy jobs in the US are within clean energy. This is a huge percentage of the energy workforce, and industry experts predict it will continue to grow larger over time.
#3. Global Warming is Expensive
In an alarming report issued in 2018 by the United Nations, a panel emphasized that it’s essential we dramatically reduce our greenhouse gas emissions by 2050 if we want to avoid catastrophic change:
- Damage from climate change in the US is estimated to cost approximately 1.2% of GDP per year for every 1°C increase
- The damage already caused by climate change from warming in 2100 for 1.5°C and 2°C are $54 and $69 trillion
If you had any questions about whether or not solar energy is good for the economy, we hope we’ve answered them here. If you’d like any more information about installing solar energy systems in NJ, please contact our team at Green House Solar today. You could also visit our website at: https://greenhouse.solar/