The Solar Investment Tax Credit (ITC) is one of the most important federal policy mechanisms to foster the growth of solar energy in the United States, according to the Solar Energy Industries Association (SEIA). Solar Energy is more than just an alternative to regular electricity – it can also dramatically change the state of our health, environment, and economy for the better.
Alchemy Renewable Energy, a portfolio company of Monarch Private Capital, is at the forefront of the industry in renewable energy creation and comprehensive project finance.
A look at Whitney Solar Farm
Whitney Solar Farm, one of Alchemy Renewable Energy’s recent developments, is a 14.29 MW DC solar farm that serves Bosque County, Texas, and surrounding communities. Based on an estimated lifespan of 40 years, the project is projected to abate 428,800 MT CO2e, which is equivalent to:
- 54.7 billion smartphones charged,
- 48.3 million gallons of gasoline consumed,
- 92,600 passenger cars driven on the road for a year, and
- 72,600 homes’ electricity use for one year.
Renewable Energy and the Environment
The use of solar energy has very positive effects on our environment. Not only does it help reduce utility costs and provide cheaper energy options in the long run, but it greatly reduces our carbon footprint.
- Reduces Air Pollution – The use of fossil fuels releases a lot of pollutants in the air. This smog is incredibly bad for you and the environment. Solar panels help solve this issue by creating clean energy that will not pollute the air. According to a 2016 report from the U.S. Office of Energy Efficiency & Renewable Energy, solar power can prevent $167 billion in health and environmental damages.
- Reduces Water Scarcity – Energy sources like hydropower or nuclear energy can use a lot of water to produce electricity. Often dams are needed to control the flow of water and the production of electricity, but this can have critically negative impacts on the local ecosystem. Solar power does not need water to create energy. In fact, it can help solve the Unites States’ water scarcity issue. According to the same report from the U.S. Office of Energy Efficiency & Renewable Energy, solar energy systems could help water usage drop in 36 states, enough to hydrate 1.3 million households.
- Improves Health – As previously mentioned, the air pollutants that fossil fuels produce can have daunting effects on our long-term health. In that same report, the office also estimates that cleaner air could have an overall positive impact on humanity’s health. They estimate that not only can solar energy help prevent unnecessary health care costs, but it could save more than 25,000 lives.
- Helps Fight Climate Change – By reducing our CO2 emissions, and releasing fewer pollutants in the air, we can help mitigate the negative effects of climate change. The constant release of pollutants is making it harder for the environment to clean the air. As this continues, our retention of heat from the sun increases, causing more sudden and volatile weather patterns. According to the report, reducing our carbon footprint could save $259 billion in global climate change damages.
Solar energy and the ITC work together to pave the way for a brighter tomorrow. As we become more conscious of our environmental impact, we begin to really understand the need for clean energy resources. Our commitment to fostering a sustainable future for all is strong, and we continue to work toward achieving that goal by bringing clean power to communities across the U.S.