What Are the Benefits of Adopting Renewable Energy?
Renewable energy has gotten a lot of buzz in the last number of years, and for good reason. Besides the obvious benefit of reducing the carbon emissions that lead to climate change, renewable energy sources can also lead to substantial tax savings and improve public health.
Reducing the Footprint
Renewable energy is also termed “clean” energy. Solar, wind, and hydroelectric energy are all examples of clean energy. What makes these sources clean and renewable is that they are consistently and constantly replenished, no matter how much is harvested. This is in contrast to more conventional forms of energy, such as coal and other fossil fuels. Burning these traditional forms of energy accounts for 75% of the total carbon emissions in the United States. Carbon emissions are a well-documented contributor to global warming, so the rise of clean energy may well help slow this environmental phenomenon.
Potential Tax Savings
Another benefit of investing in renewable energy sources is the potential savings during tax time. The recent passage of the Consolidated Appropriations Act of 2021 allows for a tax credit to residences who install renewable energy sources by the end of 2022. For example, you can receive 26% of the cost back when you install solar. That’s just one qualification at the federal level—check with your local and state authorities for additional clean energy savings. Your local electric companies may offer incentives as well.
Improving Public Health
Installing solar panels may result in energy savings for you personally and help to slow global warming, but it could be a boon in the public health sector as well. The air and water pollution from burning conventional energy sources contribute to a wide array of chronic conditions and to the overall health care costs in the United States, and just coal causing an estimated $74.6 billion in life cycle and health effects costs. Clean energy sources, by contrast, help alleviate the burden on public health by helping to keep the environment clean. You can literally breathe easier through investments in solar, wind, and other renewable technologies.
Renewable energy definitely has some big environmental benefits, but until recently high installation costs have been prohibitive for many. The game has changed quite a bit this year, however, with the Consolidated Appropriations Act introducing substantial tax savings. So for those on the fence, take another look—installing those solar panels might be worth all the benefits.
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