Franchising in a Booming Industry
The Renewable Energy Market Is Surging
The energy industry is in the midst of a massive sea change. After decades of relying on non-renewable and environmentally destructive fossil fuels, attention has now turned to clean, renewable energy sources.
Despite economic uncertainty that has dogged the economy for several years, the renewable energy markets surged in the first half of 2016. The Energy Information Administration states that renewable energy will account for approximately one-third of new electricity generation over the next three years. Leading the charge in this expanding sector are solar, wind and light-emitting diode (LED).
Solar Energy Industry
The Solar Energy Industries Association (SEIA) reports that demand for concentrated solar plants, photovoltaic panels, and solar water heaters continues to expand. There were 45 percent more photovoltaic panels installed in 2015 than the year prior, and that number is expected to jump in 2016 as well. The solar power industry is poised to become the dominant renewable energy industry.
Wind Energy Industry
Within the wind energy industry, wind turbines are currently generating 19,500 megawatts of power for the country, and more than 1,000 of those megawatts have been added over the past six months. It’s expected that by the end of 2016, U.S. wind capacity will be boosted by another 50 percent. In all likelihood, this will enable the United States to become the world leader in wind power by the end of the year.
In addition, there are currently plans to build thousands more wind turbines in the wind corridor running from Texas to North Dakota. They would provide approximately 20 percent of the country’s power!
LED Lighting Industry
LED use is currently on a meteoric rise, pushing out traditional lighting in virtually every sector, from commercial to residential to industrial. LEDs represented only 0.3 percent of the lighting industry’s market share in 2010. Now they’re at 18 percent, and every expectation is that they will eventually come to represent the majority in the lighting industry.
The renewable energy industry growth is a direct result of high energy prices and growing state government support. Additionally, there are fears that Congress will not renew the federal tax credits before they expire at the end of this year, which is leading developers to connect their projects to the green energy grid by December 31. The fossil fuel sector receives strong government support, so it’s critical for the renewable energy industries to take advantage of tax credits to remain competitive.
SuperGreen Solutions is a market leader as an advisor, supplier and installer of energy-efficient solutions. With more than 18 years of experience in the energy efficiency industry, SuperGreen Solutions has a solid reputation spanning three continents. To learn more about renewable energy solutions, contact us today!