How COVID-19 Has Impacted the Nation’s Renewable Energy Projects

by May 2, 2020COVID-19 Updates, industry news, Residential Solar Panels

In the wake of the COVID-19 pandemic, the government’s focus has exclusively shifted to flattening the curve, stimulating the economy, and working towards a treatment and a vaccine. The mass quarantine advised by the CDC is having interesting effects on the environment. Many countries have seen the disappearance of smog in their air for the first time in decades, and carbon emissions are falling due to reduced transportation and production. Even with these changes, the environment and renewable energy should be a bigger consideration to the federal government. Solar panel distributors and installations have been deemed essential, but what is the government doing to support and promote renewable energy industries? 

We don’t know the extent of the impact COVID-19 will have on the solar industry just yet, but renewable energy is still as important as ever. If you’re thinking about switching to solar energy for your home, call Kosmos Solar for a free quote. 

Stimulus and Tax Credit

Speaker of the House, Nancy Pelosi, has proposed a CARE 2 package, as well as a designated house committee for the Coronavirus Pandemic. In her announcement, she explained that CARE 2 would be passed with the goal of giving further financial aid to small businesses, families, and those who’ve lost their jobs to the pandemic. She didn’t mention anything regarding infrastructure or renewable energy, and it doesn’t seem that either of these things will be considered in the new stimulus package.

Continuing Construction

Many large corporations have recently invested in renewable energy projects which require large-scale construction. Once completed, these projects could do wonders for the environment and reduce the energy footprint of some of the largest companies in America. Construction for these projects has been halted due to the pandemic, and it’s still unclear whether or not they’ll be able to start back up anytime soon. Until the federal government gives their decision on this pressing issue, large-scale renewable energy projects have to be delayed.

Renewable Energy Credits

President Trump hasn’t been too nice to renewable energy industries: the taxes he’s imposed on solar and wind energy have been a bump in the road to a cleaner planet, but these industries have been able to grow regardless. However, renewable tax credits have been granted to developers who began construction before December 31, 2019. Since the start of the COVID-19 crisis, we’ve gotten no word about how these tax credits have been affected, and we haven’t heard anything about provisions to the GREEN act.

Make the Switch Today With Kosmos Solar

If you’re looking to increase the property value of your home, reduce your electricity bill, and do your part in helping the environment, solar energy might be the answer for you. At Kosmos Solar, we want to do everything we can to make the switch to solar power as smooth as we can. We’ll evaluate your home, decide on an installation plan, and tell you everything you need to know about keeping your solar panels in good condition. Call or visit our website for a free quote!