After what some considered an underwhelming first term for President Obama when it came to renewable energy integration, organizations in that sector are striking an optimistic tone after the president’s reelection. It is clear that Obama’s second term will be more beneficial for renewables than if Romney were to have been elected, but the Republican controlled House of Representatives could make it difficult for Obama to pass some anti-climate change initiatives.
Here are a few of the initiatives that have a much higher probability of happening now that Obama has been reelected:
The extension of the PTC is looking more and more likely to happen. This would end the current uncertainty surrounding the important tax credit for wind power generators and ensure the preservation of 34,000 wind related jobs that could be lost if this subsidy isn’t renewed.
The growth of solar energy should also continue under the second Obama administration. Since 2010, industry wide solar installations have increased by 426%. This trend should continue as The President is enabling large scale solar to be developed on public lands near transmission lines. Also, the 30% rebate on solar installations will remain in place until at least the end of 2016.
Fuel efficiency standards and electric vehicle (EV) adoption are other Obama supported programs. The President has set a goal of having 1 million EVs on the road by 2015, something that would certainly not happen if he had lost the election. Secondly, Obama hopes to raise fuel efficiency standard to 55 mpg by 2025 which would be a huge reduction to both foreign oil dependence and the average citizen’s cost of owning and operating a vehicle boosting national security and the economy.
Though there is much still to be seen, the reelection of President Obama has at least instilled hope in climate change believers that the expansion of non-warming technologies will continue for the next four years.