THERE are numerous benefits of using renewable-energy technologies, but for this column I simply broke them down into three class groups. Let’s take a few minutes to dive into each one.
Economic
The economic benefit of renewable energy can help stabilize your energy costs. Usually, the initial costs of the system you choose to install to lower or eliminate your energy bills will be your capital investment. For example, if you have enough space to install equipment that uses solar energy, once you pay off the initial cost, you may possibly zero out your utility bills. Your monthly utility cost would be a small administration fee from the utility provider to remain connected to the grid.
With solar energy, there are relatively low maintenance costs and extended warranties that can be obtained for the inverters. Your repayment for the system is your hedge against any future increases in energy. Solar energy is reliable, efficient and profitable. Most will see the paybacks coming in at three and a half to four years, using the federal tax benefits. Some of these tax benefits offer as much as 50 percent bonus depreciation and is only available until the end of this year. I encourage businesses to take advantage of this now, including the 30 percent ITC credit. Residential customers can also take advantage of the 30 percent federal tax credit.
Environmental
Renewable energy systems produce zero greenhouse gas emissions while generating electricity. Renewable sources of energy also produce few air and water pollutants. Whether you believe in climate change or not, last month NASA had pictures of Alaska – which is usually very rare because of cloud cover in that part of the world. The pictures are strikingly disturbing with the amount of the glacier that has disappeared from this beautiful landmass. The more renewable energy systems installed globally, the less oil and conventional fuel we will need to feed our ever-increasing population. With the petroleum drilling companies eyeing Antarctica, I really start to worry for our race on this planet. The sun will give us the path to oil independence.
Social
One of the greatest benefits of this new industry is job creation. The renewable energy industry is new, exciting and will need talented and skilled engineers and tradesman to take part in the energy revolution. Renewable energy produced and used on a local scale will also provide a degree of local energy control, security and reliability, and not dependent on the ever fluctuating energy costs. If you are a business owner, consumers are becoming more aware of renewable energy and are five times more likely to purchase from a business that are environmentally friendly. Those businesses who walk the talk and who have installed energy-efficient devices or renewable energy to hedge their own energy costs will gain a reputation for caring for the environment and ultimately their customers. So if you are a business that has installed any type of energy-efficiency measures, make sure this gets into your marketing material or display a sign proudly at your place of business.
Economic
The economic benefit of renewable energy can help stabilize your energy costs. Usually, the initial costs of the system you choose to install to lower or eliminate your energy bills will be your capital investment. For example, if you have enough space to install equipment that uses solar energy, once you pay off the initial cost, you may possibly zero out your utility bills. Your monthly utility cost would be a small administration fee from the utility provider to remain connected to the grid.
With solar energy, there are relatively low maintenance costs and extended warranties that can be obtained for the inverters. Your repayment for the system is your hedge against any future increases in energy. Solar energy is reliable, efficient and profitable. Most will see the paybacks coming in at three and a half to four years, using the federal tax benefits. Some of these tax benefits offer as much as 50 percent bonus depreciation and is only available until the end of this year. I encourage businesses to take advantage of this now, including the 30 percent ITC credit. Residential customers can also take advantage of the 30 percent federal tax credit.
Environmental
Renewable energy systems produce zero greenhouse gas emissions while generating electricity. Renewable sources of energy also produce few air and water pollutants. Whether you believe in climate change or not, last month NASA had pictures of Alaska – which is usually very rare because of cloud cover in that part of the world. The pictures are strikingly disturbing with the amount of the glacier that has disappeared from this beautiful landmass. The more renewable energy systems installed globally, the less oil and conventional fuel we will need to feed our ever-increasing population. With the petroleum drilling companies eyeing Antarctica, I really start to worry for our race on this planet. The sun will give us the path to oil independence.
Social
One of the greatest benefits of this new industry is job creation. The renewable energy industry is new, exciting and will need talented and skilled engineers and tradesman to take part in the energy revolution. Renewable energy produced and used on a local scale will also provide a degree of local energy control, security and reliability, and not dependent on the ever fluctuating energy costs. If you are a business owner, consumers are becoming more aware of renewable energy and are five times more likely to purchase from a business that are environmentally friendly. Those businesses who walk the talk and who have installed energy-efficient devices or renewable energy to hedge their own energy costs will gain a reputation for caring for the environment and ultimately their customers. So if you are a business that has installed any type of energy-efficiency measures, make sure this gets into your marketing material or display a sign proudly at your place of business.
Tracy Voacolo is the president of Micronesia Renewable Energy. She has more than 20 years of experience in the renewable energy industry. Tracy can be contacted at info[at]micronesiarenewableenergy.com.
For more information about Micronesia Renewable Energy, visit http://micronesiarenewableenergy.com/.