The Economic Benefits of Renewable Energy
The concept of renewable energy is spreading like wildfire. According to dispatch weekly, The UK government has committed to phasing out coal-burning stations by 2025.
While non-renewable sources of energy are the easy way out, they are harming our ecosystem in ways more than one. This impact on the world’s ecosystem may come and haunt us a couple of decades, and may leave us with regret. With the world’s future at stake, it is high time that corporations started the use of renewable energy sources within their system.
Although, a lot of us know much about the overall benefits of renewable energy on the ecosystem and the aim for sustainability, here we will be shedding some light on the benefits of renewable energy within the economy. These advantages heavily outweigh the costs, and once you understand them, only then would you be able to properly implement them. Solar, hydroelectric, wind, biomass and geothermal are the five titans of renewable energy and we will be looking at economic benefits generated by the implementation of energy extraction through the 5 pillars we mentioned above.
In the UK, Octopus Energy wants to “change the energy market for the better”, by making pricing “as transparent as possible”, pushing forward with the transition to renewables. (Our readers can get £50 off their bill when they add this octopus energy discount code).
Increased Employment Opportunities
In this age, where technology is generally taking over manpower, employment opportunities are become scarce. Unemployment has been proclaimed by many researchers as the biggest economic problem of the 21st century. Besides the environmental significance of shifting to renewable energy, there is also the factor that extracting energy from these sources would make room for more jobs within a workplace.
Switching to renewable energy resources can provide numerous employment opportunities for people unemployed. This would not only benefit the growing population all across the world, but will also help governments create jobs for the people.
Due to the simple fact that renewable energy is labor intensive, the method promises to give numerous employment opportunities for interested candidates. The job opportunities in the market linked to energy extraction are bound to jump from 9.2 million jobs currently to over 24 million within a decade or two. This vehement increase in the number of jobs available will create better employment opportunities and add skills to the repertoire of workers, working within this field.
The Economic Ripple
Besides just the creation of jobs, the government and business owners will benefit from the deployment of renewable energy sources. While land proprietors will be able to experience increased output, the government could implement taxes on the supply of the energy, to invest the funds somewhere else. Moreover, farm owners from rural areas, could use their land for wind turbines and become a part of this move towards a better future. These farm owners would be financially compensated for lending their land.
Other than this, livestock farmers could use the biomass extracted from their farms to supply feedstock for biomass power facilities. These power facilities would eventually give a certain income to the farmers for the supplies provided.
This give and take of financial assets would create a feasible environment within the economy and would lead to a long-term economic ripple. This ripple would then lay the foundation for a stable future in sustainability.