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The View | The case for solar energy in the US: it’s the economy, stupid
- Biden’s Build Back Better plan, which includes a tax credit for solar installation, must pass into law
- Regardless of one’s politics, it should be clear that solar energy will lay the groundwork for a new energy economy and buffer the US against supply chain shocks
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As a solar energy expert, I’m sick of talking about climate change. Against the backdrop of skyrocketing fuel costs, the economic case alone for solar energy is crystal clear. In a single hour, the sun provides the Earth with more energy than we could use in a year. However, it currently accounts for only 2.3 per cent of America’s energy grid.
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Solar power infrastructure will continue getting cheaper as fossil fuels become prohibitively expensive. Whether fossil fuels come from dinosaurs or not, today they are certainly being consumed by dinosaurs.
In order for the United States to reap the economic benefits of solar energy, President Joe Biden’s Build Back Better proposal, which includes a 30 per cent tax credit for solar installation, must pass through Congress.
The economic law of supply and demand doesn’t care about political ideology. As any high-school student will tell you, the more scarce a resource becomes, the more expensive it gets.
According to research based on 2015 data, oil is predicted to run out in 51 years, natural gas in 53 years, and coal in 114 years. Regardless of the international energy supply chain strain, fossils fuels and natural gas are destined for higher prices, no matter how you spin it.
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US oil prices are over US$90 a barrel at the time of writing, but in under a decade, these prices will be a nostalgic memory. In contrast, costs for solar photovoltaic technology have dropped by 82 per cent over the past decade.
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