BP Oil Spill Boosts Renewable Energy Spending

Now that the BP oil spill crisis has stretched for months without clear and efficient solutions in sight, legislators are now thinking of new policies to propose. Mostly, they fall under two categories: the capping of carbon emissions and the boosting of renewable energy.

President Barack Obama has already organized a closed-door meeting for all Democrats in the Senate to present the different proposals regarding the issue of renewable energy and the possibility of limiting fossil fuel use or carbon emissions. There are also some proposals that tackle the giving out of incentives to companies that will opt to partially or fully use renewable energy like solar and wind energy.

Legislators have stated that the BP oil spill should not be used to push for the shutting down of the oil and gas industry but they are open to supporting clean-energy measures and emerging alternative sources of energy.

One existing alternative source is solar energy. Both residential and commercial users have increased over the years, contributed by the fact that the government is already offering rebates and loans for those interested.

Three energy bills have been shortlisted by the Democrat bloc. After their group is finished with the deliberation, Republican senators will then be asked to join them.

One independent senator unveiled his cap-and-trade program for power plants and factories wherein companies could buy and sell a declining number of carbon dioxide allowances.

Carbon allowances will be given to help homes and businesses from the high energy bills. Another legislator suggested the sale and buying of “carbon pollution rights.” The money earned will then be given as rebate to consumers while a quarter will be used for clean energy investments of the country.

These rebates will benefit those who use pollution-fee energy sources such as solar panels and wind turbines. These rebates will also help cut the cost of installing new panels. This is especially beneficial to residential home owners who would like to shift to a dual-energy house.

The question of whether solar has negative is already answered. The only issue is the cost. And now is the time that the cost is going down in the market and that the government is also giving incentives. The time is ripe for solar energy to emerge as a serious contender in the energy market.

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