What Is the Impact Green Energy Has on the Economy?

Many companies and governments are focusing on the benefits of switching to renewable energy. These benefits range from reducing energy bills and lowering emissions to improving the health of the population.

For instance, electricity produced from solar or wind generates cleaner air and reduces greenhouse gas emissions. In addition to lower prices, clean energy creates more jobs across the economy.

Other businesses that can benefit from green energy include construction and auto industries. Businesses can use renewable resources for construction or retrofitting buildings to make them more energy efficient.

Electric vehicles use clean sources of energy and may be eligible for tax breaks. Companies with fleets of vehicles can also switch to electric.

Wind and solar equipment can increase profits by 20 percent. However, these types of projects require significant upfront investment.

The federal government offers tax credits for renewable energy. A new report from E2 estimates that 3.3 million Americans work in the clean energy industry. Those workers have higher wages than workers in other industries.

The United States is an ideal location for a renewable energy manufacturing industry. According to the International Renewable Energy Agency, global renewable energy jobs will increase by nearly 43 million by 2030.

Investing in clean energy can help stabilize energy prices in the future. Additionally, many states have standards that require utilities to produce a certain amount of renewable energy by a specific date. Creating a standard can deliver significant greenhouse gas reductions and job creation.