Solar Panels: The Positive Impact On Our Economy Today

By now, most people are well aware of just how important solar energy is for the environment, but did you know that it’s having a positive impact on the economy too?

At first glance, the two things don’t really seem all that connected, but if you look deeper, you can see just how much energy and where we get it plays into government spending and in turn, economic growth.

To put things into perspective, the U.S. spends ten times more on fossil fuels than it does on education. We also spend more on fossil fuels than we do on the entire national defense budget. Fossil fuel spending is conservatively estimated at $20 billion!

Solar panels and green energy industries have the power to turn that spending around so that those funds can be reinvested into the things that matter the most.

OK, there is still a long road ahead, but positive changes are already occurring! Let’s talk about what these changes are.

Solar Panel Job Opportunities

Renewable energy is a fairly labor-intensive industry. When it comes to solar panels, expertise is needed! Otherwise, customers fall at risk of getting a poor or even dangerous installation.

This is good news for the job market because the need for expertise is what creates incentives and in turn, lucrative career opportunities.

If the trends continue as projected, the number of people globally employed directly and indirectly from solar energy could reach 24.4 million by the year 2030!

The majority of these jobs are likely to arise from installation and equipment development.

This is if policymakers continue to take renewable energy seriously and keep working toward doubling the global share of renewables in the energy mix.

However, as it stands right now, the solar energy industry has already employed 242,000 people in the U.S. alone as of the year 2018.

Solar Panels Could Save the U.S. Big Money

We’re not talking a few thousand dollars, we’re talking $4.2 trillion– simply by doubling the global share of renewable energy by the year 2030.

There are without a doubt some pretty big costs associated with meeting this target, but the amount of money that would be saved in the grand scheme of things far outweighs what would initially be spent – an estimated 15 times more in savings that would otherwise end up being spent counteracting the effects of climate change.

Furthermore, an estimated 4 million lives per year would be saved due to solar derived energy and the ability to produce energy without adding to air pollution.

More information can be found about this in the IRENA (International Renewable Energy Agency) report.

Where the Economic Benefits of Solar Energy Stand Today

  • More than 10 million jobs created worldwide
  • Reduced energy costs, allowing people to spend more in their local economies
  • Decreased need for foreign spending on oils and fossil fuels

This post mainly takes a look at the larger picture and the long-term benefits that we have to look forward to, but there are plenty of benefits that solar energy has to offer right here, right now.

Ready to move forward with making the switch? No matter what your reason for wanting to go solar, we’ve got you covered.

Check out our new guide, Frequently Asked Questions About Going Solar!

Or reach out to the Lumina Solar team to get a quote today. 

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