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Financial Incentives Drive Sustainable Energy Alternatives

Renewable Energy and Energy Efficiency Measures Make Positive Environmental Impacts

Solar Panels - Cost Effective Renewable Energy

Solar Panels - Cost Effective Renewable Energy

With rising energy costs and growing demand for sustainable alternatives to coal and nuclear power, governments, businesses and individuals are looking to renewable energy and energy efficiency for a solution. Incentives in a number of countries have helped drive the implementation and advancement of renewable energy technologies as well as energy conservation measures.

Here in the U.S., federal tax credits of up to 30% of cost for renewable energy systems substantially reduce the tax liability of system owners and encourage investment. In the United Kingdom, a feed in tariff program has been implemented to increase the return on investment of renewable energy measures.

Both of these incentives are cost-based–designed to reward purchasers according to the price of each system in order to level the playing field to some extent and not show favoritism to a particular industry cluster or technology. However, solar panels are currently one of the most financially advantageous option in the UK, while in the US they remain one of the most expensive. Continue reading