We’re a profit-driven nation, make no mistake. Even still and despite uncertainty over federal tax credits and a sluggish national economy, renewable energy markets surged in the United States in the first half of this year.
Wind, solar, and geothermal energy are all on the rise with wind leading the charge. Even more impressive is that the US wind capacity is expected to increase an additional 45% in 2008 despite the fact that Congress has failed to extend the production tax credit (PTC) for the renewable energy industry.
So why the accelerated growth of renewable energy projects? Basically it all comes back to the economy. In response to the combination of high energy costs and growing state government incentives, more and more companies are climbing on board the renewable energy train.
In addition, fears that Congress will not renew the federal tax credits before they expire at the end of this year have led developers to rush to connect their projects to the grid by December 31. The tax credits are crucial for renewable industries to remain competitive with the fossil fuel industries that receive regular government support.
The catch is that this rapid growth of the wind energy industry is being threatened by the inability of Congress to pass legislation to extend the production tax credit (PTC) for renewable energy projects. The government needs to seriously reconsider any such actions that would put a damper on this most encouraging of trends.
I have read about 3 or 4 windfarms recently, each of which is slated to be the biggest in the world. Bottom line is we are building a lot of wind power. Couple that with 3 or 4 emerging technologies for storing energy from wind, wave and solar until it is needed and all 3 energy sources are coming of age.
larry hagedon