Amidst of the Coronavirus pandemic, it is challenging to make predictions of what might happen the next day, leave alone the next month or year. Having much faith in ventures can sometimes challenge the consistency. Out of America’s renowned financial and renewable energy entities that were surveyed during this pandemic, most expressed optimism in the renewable sector.
Despite full-period distress about the headwinds brought by supply-chain disruptions among other delays related to the outbreak of Coronavirus, the long-term outlook for the renewable energy development in the United States remains strong. ACORE’s latest analysis dubbed Expectations for Renewable Energy Finance in the 2020-2023 report, both shareholders and the developers confirmed that there would be increased growth in the renewable energy sector by 2023. The frequent engaged financial firms (those that invest over $500 million in a year) made responses with the highest convictions about the attractive ability of the sector as well as long term health.
Those reports might turn be a bit surprising given how the COVID-19 has affected the renewable sector. About 14% of renewable workers have no jobs, and those in positions have a fear of losing them. A recent survey conducted, about 75% of the tax equity shareholders foresee a reduction in the tax equity investment. About 67% of tax equity investors surveyed state that it is hard to protect financing or scheme of takers following the impacts brought by the Coronavirus.
All the renewable firm needs to do in retaining the faith of entities affected by the pandemic.
Policies are what the renewable firms need to carry out in response to the impacts hindering renewable energy and the employment sector’s progress. All the industry requires is the basic strategies such as temporal refunds, enabling the monetization of renewable tax funds amidst tax equity. Delays experienced in the funds’ phase-down schedules indicate those problems faced by the renewable energy sector this year. In the long period, reforms, market drivers, and electricity market sophistication will reduce carbon emissions in the power sector.
The sad thing is that we have no time left. ACORE inaugurated $1T 2030: The American Renewable Investment Goal two years ago, which will be used get $1 trillion in the U.S non-governmental sector of renewable energy. To attain that threshold, they require an investment of $87.5 billion in a year. That figure is, without doubt, huge, however, with many efforts, they can attain it.