Renewable electricity beating out fossil fuels

Monday, November 28, 2011 @ 08:11 AM
posted by rene5432

Renewable electricity continues to gain ground against traditional fuels, offering greater opportunities for Americans to invest in cleaner energy, according to Bloomberg.

A new report from Bloomberg New Finance Energy found that global spending on renewable electricity actually beat out spending on traditional fossil fuels like coal, oil and even the current favorite, natural gas.

"The progress of renewables has been nothing short of remarkable," United Nations Environment Program Executive Secretary Achim Steiner told Bloomberg. "You have record investment in the midst of an economic and financial crisis."

With $187 billion going to renewables and only $157 billion going to traditional energy sources, the future for renewable electricity providers looks bright. Estimates suggest that the level of spending could even double by 2020 to around $395 billion.

The Financial Times reports that solar power systems in particular stand to see substantial growth, as the price of photovoltaic solar panels has dropped substantially. Though this has proven difficult for many manufacturers, more and more homeowners could be able to invest in solar electricity as prices continue to decline.

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