By Ivan Penn, The New York Times
Highlights
- Even though the renewable energy sector is facing some losses during the coronavirus pandemic, renewables are set to account for nearly 21% of the electricity in the United States, a 3% increase from 2019
- Renewables prices have not dropped as much as oil and gas prices during the COVID-19 pandemic, however, small solar companies are taking big financial hits due to canceled projects and are having to lay off employees
- The cost of building renewable energy sources such as solar and wind farms is cheaper than building natural gas and nuclear plants and can be built at a much faster rate
- In addition, renewable energy is cheaper to operate compared to coal and oil, allowing utilities to use cleaner electricity
- The Solar Energy Industries Association (SEIA), a trade group, estimates that half of workers in the solar industry could lose their jobs at least temporarily because of the coronavirus outbreak
- Government efforts to address climate change have helped drive down costs of wind and solar equipment and made the industry more resilient to economic swings
- Lobbyists for renewable energy are asking lawmakers to make it easier for their industry to take advantage of tax credits the government provides for wind and solar power
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Read more: Oil companies are collapsing, but wind and solar energy keep growing
Nina Turner
Energy Programs and Communications CoordinatorJanina is a graduate of the Energy Management and Design program at Sonoma State University with experience in non-profits that specialize in sustainability and volunteerism.
