Digital Map Products - Home Contact

The Effects of COVID-19 on the Renewable Energy Industry, and How this Industry is Important to Economic Recovery

October 28, 2020
Energy
By: LightBox Team

Spring 2020 brought most of the country to a halt. As lockdowns due COVID-19 were imposed across the U.S., skyline views that had not been seen in a long time became visible, what had been polluted rivers and canals were now flowing with clean water, and air quality got better in busy cities. Stories like these prove that our actions can reduce pollution in our environment. Now, we are starting to question if we should go back to our energy use before COVID-19. Or, is there a cleaner and greener path forward?

The Effects of COVID-19 on the Renewable Energy Industry, and How this Industry is Important to Economic Recovery

Renewable energy sources, like wind and solar, are steadily growing and outpacing expectations. Proving to be affordable and reliable sources of energy, they were poised for huge growth in 2020. However, the effects of COVID-19 have provided new challenges and impacted renewable energy industry forecasts. Like most industries, disruptions of supply chains and delays in construction projects due to lockdowns and social distancing are some of the major reasons that growth slowed down. 

Even with these delays, renewable energy consumption still grew 40% so far in 2020 compared to last year, and experts believe renewable energy is essential for economic recovery. Investors, in particular, are turning towards this industry to support economic recovery. A recent report from UC Berkeley shows how the U.S. can achieve carbon-free electricity by 2035, and how the nation would benefit. Millions of new jobs and trillions of dollars into the economy are a few major advantages.

To read more and learn what renewable energy companies can do now to prepare for increasing demand, click here.