All around the world, green power and renewable energy technologies continue to mature. Green power adoption has exceeded most analysts’ predictions. The World Economic Forum reported that renewable power sources already outpaced conventional generation in OECD (Organization for Economic Cooperation and Development) countries back in 2018. In the U.S., 17% of the total kilowatt-hours generated in 2019 came from green power sources.
What is Green Power?
The world’s first Alternating Current (AC) power plant was a hydroelectric facility built by Westinghouse in 1890 close to Ophir, Colorado. Advances in turbine design and construction techniques eventually led to the large-scale adoption of fossil fuels in the industry over the last 100 years. Burning fossil fuels to generate steam and power a turbine remained the norm for most of the 20th century, but green power is now a viable alternative.
According to the U.S. Environmental Protection Agency, most green power comes from:
· Solar – Photovoltaic or Concentrated Solar Plants (CSPs) that convert sunlight into electricity.
· Wind – Turbines driven by wind power.
· Hydroelectric – Turbines powered by flowing water from dams or other sources.
· Geothermal – Using heat from geothermal sources to generate steam.
Although there are other green power technologies, they do not make up a large share of today’s generation capacity. The four types listed above provide the majority of the world’s green power.
The Benefits of Green Energy for the Economy
Green energy is a sustainable way to generate electricity. It reduces carbon emissions by using renewable sources at the generating source. While this method of generation is better for the environment, there are additional benefits of green energy for the economy. Here are five ways green power can potentially help.
1. Creates Jobs
In the U.S., the solar industry already employs more than 240,000 people. The number of new jobs within the renewable energy sector continues to grow every year. By 2018, wind power technician was the second fastest-growing occupation in the U.S. behind photovoltaic installers. Green power boosts the economy by creating new technical specializations and job functions.
2. Improves Human Welfare
The welfare of a population has a significant impact on the economy. Healthy people are productive and contribute to economic growth and stability. Air pollution presents a major risk to society. Reducing the reliance on fossil fuels improves the population’s health and well-being.
3. Stimulates the Economy
Research shows that investing in green energy helps improve the Gross Domestic Product (GDP) of a country. According to an IRENA report, doubling the number of renewable generation sources by 2030 can boost the global economy by 1.1% GDP, adding $1.3 trillion. The same report found that this level of adoption could generate 24 million jobs and improve global welfare by 3.7% over the same period.
4. Increases Energy Efficiency
During the generation, transmission, and distribution of electricity, there are losses. Green power and renewable energy sources reduce waste in current systems while enabling the development of rural micro-grids, improving the rate of electrification around the world.
5. Battles Climate Change
There’s no debate; the economic effects of climate change can ravage a society. In 2017, California had the most expensive fire disaster in the state’s recorded history. Green energy helps to reduce carbon emissions entering the atmosphere, slowing the effects of climate change.
Choose an Electricity Supplier that Can Help Boost the Economy with Green Power
Starion Energy provides eco-friendly energy options to residents and businesses. As a retail energy provider, we strive to empower the communities we serve and deliver exceptional service while trying to help slow the effects of climate change.
If you want to discuss the benefits of green energy or need help in finding a more sustainable energy supplier, get in touch with Starion Energy today.
About Starion Energy:
Celebrating our 10 year anniversary, Starion Energy is an independent US retail supplier loyal to everyday hard-working families, local businesses, and the small communities which we strengthen and empower. We secure the path towards smarter, cleaner energy choices. Our agile working style, resources, and seasoned energy leaders is how we can match people's changing lives with easy plans that yield results. It is our honest top performing personal service and the genuine positivity of our people that impact customer's lives and makes us the go-to long-term energy partner.