According to a new federal study, renewable energy is on the rise. The recently passed tax credits and other government incentives for renewable energy are likely to lead to an increase in solar, wind and other renewables that have the potential to decrease carbon emission. The five-year extension on tax credits for wind and solar are expected to create over 50 gigawatts of additional power by 2020. The study also cited the potential to decrease greenhouse gas emissions within the power sector by between 540 to 1,400 million metric tons over the next 14 years.
Projections for both energy generation and carbon reduction are dependent upon the price of natural gas. Lower prices for conventional energy mean that utilities will be slower to adopt to adopt wind and solar power, while higher prices will see greater demand for renewable energy. The study suggests that extending the existing renewable energy tax credits has produced a quantifiable impact on the future of energy development and greenhouse gas emissions. A spokesperson for The White House has cited the study, calling the tax credits “one of the biggest investments in clean energy in our country’s history.”
The study has also been well received by both wind and solar groups, who stated that the extension will continue to have a positive impact on the development of wind energy throughout the U.S. for the next few years. Wind generated power was the fastest growing energy source last year. Rhone Resch, the CEO of the Solar Energy Industry Association called the credits essential for the growth of the solar industry. Clean technologies like wind and solar are able to produce electrical power without increasing carbon emissions.
According to the Environmental Protection Agency, greenhouse gas emissions continued to increase from 2013 to 2014. The EPA reported that U.S. experienced an almost 1 percent increase in the amount of greenhouse gas emissions in 2014, and that emissions have been rising annual since 2012. Total greenhouse gas emissions continue to be slightly lower then they were in 2005, which is the baseline used by The White House in an effort to meet reduction goals.
The increase seen in 2014 was due to higher consumption rates of fossil fuels like coal, oil and natural gas. The increased demand for fossil fuels seen in the transportation sector and the effects of a colder than average winter both had an impact on emissions totals. Other factors included increased industrial production and even personal vehicles that were driven with greater frequency and longer mileage throughout the year. The study is scheduled to be released by the EPA as it finalized an annual emissions report for the United Nations.