Hello Solar Enthusiasts,
As someone immersed in the array of unfolding developments within the solar industry, I wanted to take a moment to discuss an intriguing report from Wood Mackenzie. This report suggests that the result of the 2024 Presidential Election could have a profound impact on the pace and extent of the ongoing energy transition in the U.S., particularly when it comes to the potential of solar arrays for homes and other clean energy investments.
The Advancement of Solar and the Political Landscape
The momentum established via the Infrastructure Investment and Jobs Act of 2021 and the Inflation Reduction Act of 2022, which promote decarbonization and clean energy implementation, may see a considerable slowdown in the event of a Republican Presidential victory in 2024.
According to this report, such an outcome might well see a rollback of decarbonization policies, hampering the transformation towards cleaner, more sustainable power sources. Of course, this would also have a significant effect on those considering an investment in solar panels for their homes.
Impacts on the Solar Industry
Under the “delayed scenario” which predicts what would happen under a Republican administration, the report envisions a 55% decrease in investment within the clean energy sector.
Essentially, solar companies – entities gearing towards advancing the solar industry – could face harsher operating conditions. Solar arrays for homes, alongside other solar applications, might progress at a slower pace due to decreased federal backing, which would make it harder for potential solar customers to afford transitioning to solar energy.
Silver Lining: The States’ Role
However, it’s worth noting that not all would be gloomy under the proposed ‘delayed scenario’. As federal support for solar tapers, the onus would shift towards the individual states to step up, much like during the last Republican administration.
State-level renewable portfolio standards and renewable energy targets have played a crucial role in supporting annual wind and solar capacity expansions. Such initiatives are anticipated to carry on promoting the growth of solar companies and the broader energy transition, irrespective of federal dynamics.
Maintaining Solar Progress
In essence, a different policy landscape at the federal level could render a fascinating turn of events, not necessarily signaling the demise of solar or other emerging technologies. Solar companies, innovators, and even ordinary citizens considering solar panels for their homes would need to adapt to these changes.
The U.S has a reputable track record of innovation. Hence, as we navigate the ebb and flow of these policy changes, solar and other clean energy solutions will continue to evolve, adapt, and thrive as we strive to take on climate change and secure a more sustainable future. Keep those sunny hearts pumping.
Till next time, stay solar-charged!
Original Articlehttps://pv-magazine-usa.com/2024/05/16/november-election-pivotal-to-clean-energy-momentum/
