Future Wealth Crisis – Is Renewable Energy a Money Magnet?

Wind Turbines

Renewable energy has been a major economic and political discussion for several years, even decades. Our energy consumption is constantly increasing, but our energy production is growing slower than it. Not only that, our current dominant energy, fossil fuels, poses significant environmental problems that make the condition worse. What can we do to solve this problem?

We can use renewable energy! However, renewable energy isn’t a miracle that can solve all our energy related issues. There are still some objections about renewable energy that prevent it from being used by the majority of people. One of the questions many people interested in improving wealth still ask is whether renewable energy saves money or not? Here are some points to help shed some light on that issue.

Did you know that the technology required to make renewable energy our main source of energy is already available? There are many companies that install solar panels and build wind turbines, and many people already work in the renewable energy industry. The problem is that there is a lack of economic and political incentive to completely change from fossil fuels to renewable energy sources.

Many studies show that using renewable energy can save billions of dollars in energy consumption. One study from a respectable university says that the American government and people can save over ten billion dollars each year if America started using renewable energy. Other studies says that the cost of renewable energy technology go down by 60% – 70% over time, making it even more profitable to change from fossil fuels to solar, wind, or geothermal energy.

Such renewable energies can save costs by cutting the cost of power plants that rely on expensive fossil fuels. The power plants themselves have a high operating cost, while renewable energy technology like wind turbines and geothermal plants have a much lower operating overhead. On the consumer side, using solar panels to generate electricity can save much money over time.

The main challenge with this technology is the upfront cost of building the infrastructure. Fossil fuels have infrastructure in place, from the mining, to the refining, and shipping of oil. Renewable energy such as solar and wind energy don’t have an adequate infrastructure that can channel the energy to the everyday person. Right now, individuals are installing solar panels and even building community solar power generators to power their small communities.

Besides the benefit of saving money for both the government and individuals, renewable energy can also reduce the effects of global warming. It can eliminate air pollution, reduce pollutants that cause infectious diseases, and increase the health of the public. There will be many jobs required to build and install the infrastructure, so renewable energy will open up jobs for people and increase the economic activity in the area. Most importantly, renewable energy is stable and is more distributed than central fossil fuel centers, therefore it has relatively stable prices.

Those are the benefits that renewable energy gives to us. It can help us save money, even though we spend an upfront cost of installing the technology. Using renewable energy is just one way to save money, there are others found at the money magnet website. Investing in renewable energy is a great choice to protect our planet and save our future.