Tax Credits
Renewable Energy and the American Recovery and Reinvestment Act of 2009
The United States Department of Energy has a lot in the works these days, fueled by the priorities of President Barack Obama. If the President has his way, the United States will make history by going from being one of the largest importers of foreign oil to being one of the largest exporters of renewable energy. In addition to reducing or eliminating America’s economic reliance on foreign fuel sources and fostering an export opportunity that would boost the overall American economy and stock market, the shift to renewable energy would have a positive environmental impact, reducing oil and coal energy air emissions. And finally, the shift will support the domestic energy industry specifically, by investing in American technology and creating jobs in the energy field, ultimately strengthening the United States energy market. The government, and in particular, the Department of Energy, is poised to facilitate this shift in our primary energy sources. The shift starts with the regulations rolled out on February 17Th, 2009 in the form of the American Recovery and Reinvestment Act of 2009.
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The Cost of Reneweable Energy
What is the cost of renewable energy?
This is a trick question. Renewable energy, by definition, is free, because it uses unlimited energy sources, such as water, solar, and wind. No matter how much wind we convert to electricity, there will always be more wind. Wind is free to use and can be found in abundance. Converting wind to electricity by way of an electrical generator, on the other hand, requires research, technology, equipment, and upkeep. These cost money, and the investment in renewable energy is often cost-prohibitive. As a result, renewable energy is rarely used by today’s consumers in the residential sector. The renewable energy industry in the United States is growing, however, with incentives offered by the government and projects supported by the Department of Energy. Renewable energy is making history.
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