Investing in Renewable Energy: 10 Supercharged Energy Facts To Stimulate Your Goals
- It is essential to switch to cleaner energy to reduce global warming and improve human health. As pressure mounts for governments and corporations to make these changes, solar and wind power have become Canada’s fastest-growing renewable energy sources.
- A significant reason to invest in green energy projects is to help minimize greenhouse gas emissions – particularly those associated with the transport and electricity sectors – which currently account for 73.2% of CO2 emissions.
- The renewable energy market grew by 45%600% between 2004 and 2015.
- In light of the COVID-19 pandemic, the demand for fossil fuels fell drastically in 2020. Consequently, it has opened up opportunities within the clean energy industry. For instance, investing in renewable energy has become an attractive financial opportunity and an excellent option for planet-conscious people.
Introduction: What is Renewable Energy?
Solar and wind power are among the most popular and safest renewable energy sources in the industry because they have the least detrimental impact on the environment.
Renewable energy uses the world’s most replenishable sources, such as water, air, and sunshine. Natural alternatives like these are far better for the environment than fossil fuels like coal and gas, which pollute the planet.
There are a variety of renewable energy sources, but the most prevalent ones are:
- Solar power
- Wind power
- Biomass energy
- Geothermal energy
- Tidal/Ocean power
Solar and wind power are among the most popular and safest renewable energy sources in the industry because they have the least detrimental impact on the environment. It is debated amongst environmental groups if some renewables, such as hydroelectricity and biomass, should be labelled as ‘green’. One British Columbia-based energy review highlights the risk of celebrating ‘eco’ projects that may cause additional threats to the planet. For instance, biomass uses replenishable plant material; however, it must be burnt, producing harmful emissions that contribute to air pollution.
This article will explore some key findings within the clean energy sector and how they serve to promote renewable energy investments.
10 Renewable Energy Facts To Stimulate Your Goals
The future of energy will include electric vehicles, solar and wind farms, and even solar power plants in space.
Fact #1 – The Renewable Energy Sector Grew by 45% in 2020
With the effects of climate change becoming much more urgent, businesses and individuals are turning to sustainability to reduce their carbon footprint. These sustainable swaps include investing in renewable energy. Whether you stand from the viewpoint of a resident or a business owner, investing in renewable energy can have many benefits.
On this theme, we have seen a dramatic spike in the industry. In 2020 alone, the renewable energy sector grew by 45%, which happens to be the most significant increase since 1999. It’s likely that as the world went into lockdown, people began looking for ways to live in a more eco-friendly way while also saving money. These trends highlight the promise of the renewable energy sector, making it a key player in investments.
Fact #2 – Canada’s Clean Energy Job Market is Booming
Clean Energy Canada has predicted there will be a 50% increase in green energy jobs.
Alongside reducing the impact of climate change, the clean energy industry is creating new jobs and fueling the economy, particularly in Canada. Clean Energy Canada has predicted there will be a 50% increase in green energy jobs. Consequently, the fossil fuel sector may see a 9% decline in employment. However, the growth in renewable energy should make up for this loss. Finally, as the clean energy sector improves employment, renewable sources are more accessible for the general population.
Fact #3 – ‘Dirty’ Energy Sources are Destroying the Planet
Currently, the world depends on fossil fuels to power cars, homes, businesses and transportation; it’s safe to say humans are dependent on these harmful and limited sources. However, fossil fuels produce tonnes of waste and pollute the planet at a colossal rate. For example, it takes a staggering 4 gallons of water to produce just 1 gallon of gasoline, and the process renders any excess water polluted and unusable.
Moreover, the United Nations Environmental Program has reported that 400 million tonnes of toxic waste are produced every year, particularly from nuclear and thermoelectric power plants. What’s more, this waste contains dangerous radiation and is sometimes not disposed of correctly.
In contrast, renewable energy sources like solar and wind power do not produce harmful waste. This is because they rely on replenishable sources and not combustion – meaning there are no greenhouse gas emissions. Investing in planet-conscious industries is vital as the world moves in a more sustainable direction.
Fact #4 – Solar Power Can Reduce Utility Bills
A 2017 study found that solar PV panels are exempt from 75% of CO2 emissions that would usually come from the grid.
There are many reasons to invest in renewable energy. It can power everything from residential homes to commercial buildings and large-scale utility farms. Investing in solar panels has opened up opportunities to reduce electricity bills and generate cleaner electricity independently. A 2017 study found that solar PV panels are exempt from 75% of CO2 emissions that would usually come from the grid. Moreover, they also avoid large-scale water wastage and do not emit harmful gases. As the non-renewable sources decline, it will be these cleaner options that prevail.
Fact #5 – Investments in Renewable Energy Have Risen by 600%
Investments in renewable energy have been rising in popularity for years. In particular, between 2004 and 2015, investments increased by 600%. Moreover, the sector is likely to continue growing as the world looks to become sustainable and reaches the targets set out in the International Energy Agency’s net-zero plans. In the same report, the agency has predicted that solar energy will become the most significant power source by 2050, with 240 million households equipped with rooftop solar panels.
Fact #6 – There Have Been Significant Technological Advancements in the Clean Energy Sector
The cost of solar power equipment has also decreased by 99% over the last four decades due to government incentives and advancements in solar technology.
In the past, renewable energy wasn’t really a viable option. Solar power, in particular, was limited because panels couldn’t generate electricity during the evening and depended on local weather conditions. What’s more, installing a solar power system was not an affordable option, making it inaccessible for the general population.
However, in the past decade, clean energy has advanced to make solar power more effective and affordable. Improvements in solar storage batteries mean they can store excess energy for use during the night or in winter when generation is lower. The cost of solar power equipment has also decreased by 99% over the last four decades due to government incentives and advancements in solar technology. This considerable price decline has made solar power and other renewable energy sources even more desirable.
Fact #7 – 18.9% of Canada’s Energy Comes From Renewable Sources
In Canada, renewable energy is a significant sector to invest in. According to the Canadian government, 18.9% of Canada’s energy comes from renewable sources. Moving water contributes to 59.3% of Canada’s electricity, making it the second-largest producer of hydroelectricity globally. Interestingly, wind and solar energy are the fastest-growing sources, with the capacity for solar thermal power growing by 13.8% since 2004. Canada has significant potential for solar power, and we will likely see massive growth in the coming years.
Fact #8 – Solar Power Can Reduce Your Carbon Footprint
Our World in Data has reported that 36 billion tonnes of CO2 are released into the atmosphere every year.
The amount of carbon dioxide (CO2) released into the atmosphere because of your actions, home or business is your carbon footprint. In fact, CO2 is one of the leading greenhouse gases that contribute to climate change. However, switching to a renewable energy source like solar panels can lower your individual or commercial carbon footprint.
Our World in Data has reported that 36 billion tonnes of CO2 are released into the atmosphere every year. Moreover, this figure has been on a steady incline since the 1950s (when the world emitted 6 billion tonnes per year). These staggering levels of greenhouse gases accelerate climate change and pollute the air, soil, and water – affecting human health.
Fact #9 – Renewable Energy is the Future
It’s common knowledge that a climate crisis is causing global changes, including rising sea levels, extreme weather conditions, and the destruction of natural habitats. Electricity, heat and transport contribute to 73.2% of global greenhouse gas emissions, making these the primary sectors responsible for the catastrophic effects of global warming. With this said, renewable energy is the next step for these industries, and the change needs to happen sooner rather than later.
The future of energy will include electric vehicles, solar and wind farms, and even solar power plants in space. Renewable energy may be one of the most meaningful changes to reduce the effects of climate change before it’s too late. Therefore, investing in renewable energy is vital to keep these initiatives going. Interestingly, an International Energy Agency report highlights that solar power will dominate the economy in the years ahead.
Fact #10 – Fossil Fuel Prices are Dropping
With fewer people travelling and leaving home, there was a significant decrease in demand for fossil fuels in 2020.
The fossil fuel industry has declined in the past decade. However, the pandemic fast-tracked its fate. With fewer people travelling and leaving home, there was a significant decrease in demand for fossil fuels in 2020. Consequently, prices plummeted to record lows. This decline has opened up opportunities within the clean energy sector as employment prospects increase, equipment becomes more affordable, and the world searches for more sustainable energy sources.
Investing in Renewable Energy: The Takeaway
Investing in renewable energy has become an attractive opportunity, especially for planet-conscious people. As long as the support and momentum for renewable energy continue, there is hope it will offset carbon emissions and reduce pollution. Currently, solar, wind and hydroelectricity are paving the way to a greener and more sustainable planet. So far, it’s clear that the future of energy generation lies in the hands of the renewable energy industry. As we have discovered, renewable energy is more than just a lucrative financial investment. Investing in renewable energy means you’ll be a part of a vast movement to improve human health and conserve our planet.
Frequently Asked Questions (FAQs)
How can you invest in solar energy?
Investments in renewable energy have risen by 600% between 2004 and 2015; this is likely to continue as renewable sources become the future. There are various ways to invest in solar power, which is one of the safest forms of renewable energy.
Firstly, solar panels for your home or business will help lower your carbon footprint, reduce utility bills, and could become a second income source. Secondly, solar farms and large-scale utility projects can generate immense solar energy resources to power businesses and cities. These farms will offset emissions and reduce the dependency on the national grid – potentially minimizing bills and providing an opportunity to sell excess energy. Finally, you can also invest in renewable energy stocks and finance up-and-coming solar projects.
Is renewable energy a good sector to invest in?
The clean energy sector has already seen an enormous growth of 45% in 2020, and with the climate crisis becoming progressively worse, the industry has boomed. The world is begging for sustainability as governments pressure businesses and corporations to switch to green energy. With the inevitable effects of climate change, renewable energy is becoming a certain future, making it a worthwhile investment to consider. In fact, as the demand for fossil fuels decreases, the prospects look even brighter. Imperial College London reported that renewable investments tripled fossil fuel performance across the last decade as people are losing hope in the future of fossil-fuel-based energy.
How is renewable energy helping the environment?
The increase in solar and wind power is helping to direct global energy demands to a more renewable source. Switching to replenishable sources will indirectly reduce carbon emissions because they do not produce harmful gases or overwhelming waste products. What’s more, solar and wind technologies are among the safest renewable energy options as they do not contribute to water or air pollution, unlike fossil fuels.
Is renewable energy the future?
Global warming is causing drastic effects worldwide, including extreme heatwaves, droughts, dangerous storms and rising sea levels. Consequently, these issues are causing deaths and habitat destruction. One of the leading causes of climate change is the toxic emissions from fossil fuels, mainly driven by the transport and electricity sectors. As the switch to renewable energy continues, there will likely be an increase in electric vehicles, solar-powered homes and businesses and renewable energy farms.
What are the top five benefits of solar power?
Solar power is one of the best forms of renewable energy because it produces the least environmental damage. Unlike some forms of renewable energy, it doesn’t pollute the air or use any water to cool the system. In fact, there is a myriad of reasons to invest in solar power:
- It is low maintenance.
- Government schemes and higher demand make solar more affordable than ever.
- It is a better option for the planet because it can offset carbon emissions.
- Solar energy comes from the sun and is a replenishable source compared to finite fossil fuels.
- There is the possibility to make a second income through solar panels.