Week in Review – For Week Ending January
Jan 11th, 2009 by beststockreport
Aspire Week in Review – Week Ended January 9, 2009
This was a week chalked with discussion on every legislative front, here in the U.S. and abroad, about stimulus plans and investment into one or another variety of a New Green Deal as a way of killing two birds with one stone, so to speak. Unlike any other time before, on a global level governments from around the world have a free pass to dip into their budgets and spend in, as Obama puts it, in “bold” ways which are intended to create jobs and jump start economies. Alternative energy and clean technologies are lined up perfectly to be benefactors of these spending plans and we are excited about the prospects. In addition to Obama’s campaigning this week, New Green Deals were advocated by Japan, Ireland and South Korea (see below).
Also in this week’s newsletter, we were fortunate to hear from Rhone Resch, President of the Solar Energy Industry Association and to get some of his views on the state of the solar industry.
Aspire Speaks with SEIA’s Rhone Resch
Aspire: What surprised you about the renewable energy/clean tech markets in 2008? Were there any significant developments (political, technological, consumer-driven and/or industry-driven) that occurred which you weren’t anticipating? Please briefly explain.
Resch: Our biggest surprise came on Oct. 3 when Congress finally passed an 8-year extension of the solar investment tax credit, along with lifting the cap on residential solar electric systems. This was after 17 votes in the House and Senate and a huge push by the industry over the last two years. The irony, of course, is that the biggest policy support for solar came in the midst of an economic meltdown that has affected credit markets for all industries including renewable energy.
The next big surprise came on Oct. 13 when we opened our Solar Power International conference to a record-breaking 17,500 industry attendees, 425 exhibitors and more than 5,000 interested people during public night.
Aspire: Obama’s administration has set a target of 10% of electricity coming from renewable sources by 2012, and 25% by 2025. In 2007, renewable energy’s contribution to total electricity generation in the U.S. was about .962 billion kWh per day, or about 8.4% of the total, and the EIA projects that by 2009 it will contribute about 1.039 billion kWh per day, or about 9.1%. Excluding hydropower, renewable electricity in 2007 represents only about 3% of installed electricity capacity and 2.5% of generation in the U.S. Do you think the 10% target is realistic by 2012 given the current global financial crisis?
Resch: Solar energy is poised, along with other renewable sources, to help lead the U.S. economy out of this financial crisis and easily make this target – if we establish the right policies and make it a priority. Given the incoming Administration’s commitment to invest in green jobs, stimulate the economy and take responsibility for our environment, this could not be a better time for the solar energy industry. Solar technology is ready now, can be deployed quickly in flexible ways on rooftops and land, and is overwhelmingly supported by the American public. And, we’ll be putting tens of thousands of construction workers, electricians, plumbers and manufacturing crews back to work.
Aspire: And where do you see the biggest contribution to reaching this target in terms of renewable energy sources?
Resch: We see solar increasing at the greatest rate of deployment. We are aiming for 12.5 percent of electricity coming from solar by 2025. How do we achieve this aggressive goal? See “Policy Priorities for the Obama Administration and 111th Congress” at www.SEIA.org (middle of page).
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