“Renewable energy plays an important role in transmission grid investment as the influx of renewable power projects is primarily driven by policies such as tax cuts for wind power and state-level renewable energy requirements.”
Fremont, CA: The potential of increasing demand for renewable energy, coupled with the electrification of transportation and industrial companies, and the increasing participation of oil and gas companies in the power value chain, is accelerating industrial convergence. While there is no single exact way to calculate the cost of solar, wind, and other renewable energy, it is essential to look at the ROI over time to determine how well it fits into overall sustainability goals and infrastructure.
Infrastructure for Sustainability
When it comes to renewable energy, building new infrastructure is just as important as leveraging new technologies. The key is to ensure that you are building a cost-effective and sustainable infrastructure. Utility companies have an important stake in being financially responsible. If you don't even see an outside concern for sustainability, taking care of your existing customers without overspending on R&D is your top priority.
Some energy and utility companies are wary of investing in renewable energy due to cost and other factors, while others have implemented cost-effective solutions for over a decade. For industries heavily focused on solar and wind energy, federal support measures could help accelerate the timeline for further adoption of new technologies, including improved batteries and other forms of storage, offshore wind, and green hydrogen technologies.
However, the future of the entire transport network is bright as the investment has reached its highest level in decades. Renewable energy plays an important role in transmission grid investment as the influx of renewable power projects is primarily driven by policies such as tax cuts for wind power and state-level renewable energy requirements.