From Guest Blogger Kristine Orion: Renewable Energy Legislation Presents Opportunities, Challenges for Business
Recent legislation in New York and Massachusetts is expected to boost the renewable energy market in these states. As New York’s governor, Andrew Cuomo signed into law an extensive package of tax credits and exemptions to promote the use of solar power within the state. Similar alternative energy legislation got the stamp of approval from Massachusetts governor Deval Patrick, who stated, “Producing clean energy locally not only frees us from the volatile pricing of conventional generation but also helps the environment.” These states are in the forefront of what is expected to be a larger trend throughout the nation, spurred in part by recent climate change pronouncements and increasing worries about environmental impact around the world.
Both bills feature incentives for private industries to transition from traditional fossil-fuel systems to advanced renewable energy sources. In addition, these measures are intended to create a more stable and reliable energy paradigm that can reduce price spikes and unexpected shortfalls in the electric and gas energy marketplace. The New York plan is specifically devoted to solar energy systems and has been endorsed by the Solar Energy Industries Association as a positive step toward a greater focus on renewable energy sources.
New York and Massachusetts are following in the steps of numerous other states, including Arizona, Wisconsin, Illinois, New Jersey and California, in implementing new renewable energy credit programs. These innovative public policies require utilities to demonstrate significant use of renewable energy sources. In order to comply with these new requirements, utilities typically buy renewable energy credits from private companies and consumers who produce renewable energy through solar, wind and geothermal installations. Renewable energy credit programs provide financial incentives for making the switch to alternative energy sources. These state-sponsored initiatives are intended to create a more stable energy situation for the states and a cleaner environment for everyone.
Complex regulations and legal codes govern the implementation of clean, renewable energy and qualification for payments under renewable energy credit programs. For many alternative energy producers and utility companies, enlisting the help of qualified renewable energy lawyers can provide real assistance in navigating the dense array of legislative requirements that apply to these programs. These legal experts can help companies identify the right approach to integrating renewable, green-friendly energy sources into their existing power production plan.
By participating in these environmentally responsible programs, alternative energy producers and utility companies can work together to create a long-term solution for powering homes, businesses and industries in their region. As fossil fuels increase in scarcity, these renewable energy sources will become even more essential and further governmental incentives will be instituted to promote their use. Renewable energy benefits everyone. Utilities gain additional sources to meet their increasing power needs. Alternative energy firms benefit from additional contracts and business for their companies. Consumers, however, benefit most of all by receiving dependable, renewable power for their homes and businesses without relying on diminishing supplies of fossil fuels. Best of all, these solutions create minimal environmental impact to help preserve the planet for future generations.
