Renewable Energy is energy that comes from natural sources, such as wind, water, and sun. It is the most abundant natural resource on the planet, and it is free to use. Traditional sources of renewable energy include firewood, animal power, and wind. Today, governments all over the world are working to develop renewables.
Wind energy is a great source of electricity. It accounts for almost 9 percent of U.S. electricity production and has the potential to provide a large portion of the nation’s power needs. Wind power is available almost anywhere with high wind speeds, including offshore. Hydropower, on the other hand, relies on fast-moving water and converts it to electricity.
The costs of renewable power generation are falling as new technologies become available. By 2020, renewables are expected to account for 29 percent of the world’s electricity generation, led by solar PV and wind power. This represents a 10 percent increase in renewable power capacity. According to the International Energy Agency, renewable electricity generation is expected to continue to rise, but government policy and financial support are required to encourage even greater deployments.
There are several ways to get tax incentives for renewable energy development. First, there are investment tax credits. These credits are available when you install qualifying equipment, which reduces installation costs. They also shorten payback periods.