Obama Will Make America The 1 Solar Energy Market In The World

source: techpulse

With the green-energy initiatives envisioned by President-elect Barack Obama, demand for solar energy in the U.S. could pass that of Germany within a few years, according to Gartner.

Demand for solar energy depends a great deal on government subsidies and policies because it costs more than energy from fossil fuels, such as coal.

The 30 percent investment tax credit for solar projects passed by Congress last month as part of the financial bailout package is a key step in developing America’s vast potential for solar.

Additional catalysts in Obama’s New Energy for America plan include:

*A renewable portfolio standard (RPS) that requires 10 percent of electricity consumed in the U.S. to come from renewable sources by 2012;
*A $150 billion investment in the research and deployment of clean-energy technology over 10 years;
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*Five year tax credits to encourage renewable energy production;
*A cap-and-trade system to encourage business to reduce greenhouse gas emissions.

Congress is likely to pass the RPS in 2009 giving a strong boost to solar demand, said James Hines, a research director. Other provisions might have to wait for the economy to recover, he said.

Nevertheless, “the U.S. could overtake Germany as the largest photovoltaic market within a few years,” Hines said.