Renewables drawing interest from more businesses
Renewable electricity has not always been popular in the private sector, but recently businesses have begun to invest in clean energy technologies like solar power on their own, according to Bloomberg.
In recent months, businesses like Google, MetLife, John Hancock Life Insurance and Berkshire Hathaway – the company of billionaire investor Warren Buffett – have combined to put more than $500 million into solar power installations.
"A solar power project with a long-term sales agreement could be viewed as a machine that generates revenue," Marty Klepper, an attorney at Skadden Arps Slate Meagher & Flom LLP, told Bloomberg. "It's an attractive investment for any firm, not just those in energy."
Because renewable electricity generally requires no fuel and limited maintenance, businesses outside of the energy sector can invest in these power plants without worrying about futures costs or the need for expertise. This could help spur further growth in the industry.
Meanwhile, Forbes reports that traditional energy companies have reached pretty substantial levels of investment in renewables as well. General Electric alone has spent more than $1.4 billion on solar power installations.