Energy utilities have vowed to work towards the decarbonization of the energy sector. Most of the utilities project the achievement of an emission-free economy from 15 years to three decades.
Although the 100% transition to clean energy is achievable, there are some challenges that the energy industry will face in this trending change. The energy utilities are restructuring their modules, energy sources, storage, and distribution to suit the renewable energy plan.
The successful transition to renewable energy requires all stakeholders’ association and contribution and the utilization of all the necessary tools that the energy utilities come across. One strategic element in this transition is the voluntary renewable energy market, which must integrate collaboration with customers to realize a successful shift to renewables.
The voluntary market of renewable energy has been expanding progressively for the past two decades. Statistics from NREL display a 20 percent yearly growth in this exciting market.
Utilities have realized that offering renewable energy options facilitates the quick uptake of this clean energy by citizens and businesses in the voluntary renewable energy market. Statistics from REBA revealed that the green tariffs have grown by close to 45 percent to meet the renewable energy demands for industries looking to remain operational in the coming years.
Executives have started realizing that utilizing the voluntary renewable energy market can minimize carbon emissions from the energy sector. Utilities supplying high-quality renewable energy programs have reported a 10 percent increase in sales since customers love receiving value for their money.
Initially, the voluntary renewable energy programs were operating differently from utilities dealing in renewables and conventional energy. The integration of renewable energy as an option in the energy market brought the voluntary renewable energy market closer to the entire energy industry to benefit from affordable renewables. An energy mix of renewables will minimize the cost of transitioning to renewables and save the consumers from frequent blackouts associated with their over-reliance on the national grid.
Legislators are beginning to appreciate the voluntary renewable energy market’s role in accelerating the uptake of clean energy by consumers. Additionally, more programs are evolving to support consumers in purchasing renewable energy at affordable prices and installing the systems to work with the new technology.
The voluntary renewable energy market has inspired the energy utilities to hasten their creation and generation of renewable energy to meet this market’s rising needs. The energy sector stakeholders have decided to factor in clean, renewable energy to obtain value in the transition.
Finally, the voluntary renewable energy market has inspired investors to cash into renewable energy projects to respond to the growing market needs. Investors hope that this trend will motivate the entire energy industry transition to renewables to minimize climate change problems.