The Impact Of Solar Energy On The Energy Industry

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Something is happening in the clean energy industry.
Solar energy is experiencing a boom like no other. This year, it is forecasted to grow at an astonishing 119%, significantly higher than last year’s already impressive 17%. At the same time, expectations are for 14.5 gigawatts of solar power to be installed and surpass all others sources of new energy.
Wind is also undergoing its own bullish outlook. Companies have installed enough wind-generated electricity to power 20 million American homes and are responsible for over 88,000 jobs as of 2015. The U.S. Department of Energy is aiming to have at least 20% of American’s electricity coming from renewable wind energy by 2030.
Most of this is due to a drop in raw materials for renewables, making it much cheaper to manufacture, distribute, and sell clean energy technologies. In turn, this has opened the market to consumers like homeowners, property managers, and business owners who are interested in the seeing their property value go up.
But while the performance of renewables energies is revolutionary, we are not yet entirely “energy independent,” as one 2016 presidential candidate has argued. Fossil fuels are still the primary supplier of energy in this country, including coal which comes in at 18% - nearly twice as much as renewables 9.6%.
Though coal produces a much higher portion of American energy, coal companies are falling like dominoes. Why? Economists use a roll-off-the-tongue term for it: creative destruction.

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