The government is talking about an unprecedented stimulus package. It’s fitting; we live in unprecedented times. The impact of coronavirus over the past three months has been startling; the effects of three months could be exponentially more challenging. Out of this situation, we have to seize every opportunity possible.
Out of the wreckage of our economy, the proposed stimulus packages that have been floated from both the House of Representatives and Senate are more than just a lifeline for those affected by closures and shutdowns across the country. They’re a chance to redirect the entire economy and specific industries. Among those priorities should certainly be a commitment to alternative energy and an investment in rewarding those who pivot to cleaner, more sustainable energy options.
On Capitol Hill, there is a predictable split between parties between those who advocate for the inclusion and even the requirement that some of the $1 trillion or more earmarked for the stimulus plan be invested specifically in green technologies. Two giants of the alternative energy industries, Solar Energy Industries Association (SEIA) and American Wind Energy Association (AWEA), have both been vocal in emphasizing the immense opportunity the nation has to make the most to a brighter, cleaner energy future.
Without that support, the growth of the past decade could be at risk. A recent study forecasted that as much as 50% of residential solar jobs could be lost, while as much as $43 billion in investment in the field could also be on the line. That money could be diverted or held back, stopping work on solar project fields across the country.
Additionally, as many as 35,000 jobs in wind could be at risk, according to the AWEA. Industry advocates argue that a number of options to support alternative energy exists, including creating new tax credits or extending current tax credits that are beginning to phase out over the next five years.
Instead, the Trump administration has asked Congress to approve as much as $3 billion to fill the national oil reserves and prop up US producers who have been steamrolled by the price war between Russia and Saudi Arabia. Of course, the obvious argument here is that it’s a short term fix; it’s a solution only until those reserves are met, or until the next time foreign countries decide to lower prices.
By refusing to invest in alternative energy sources, our country faces the prospect of spending billions to get out of one global health crisis only to face the realities of the climate crisis even further behind the eight ball.
Learn more; contact us today to see how these investments could affect your business.