As alternatives to energy sources like fossil fuels continue to gain popularity, experts are predicting what the future holds for them. “In mid-December, the U.S. Interior Department announced plans to auction off more than 79,000 maritime acres off the coast of Maryland for wind energy development,” says Oilprice.com, the leading provider of global energy news. According to Oilprice.com, “Wind is a premier source of renewable energy in the United States, beating out hydroelectric power as the primary alternative resource for consumers,” and in 2013, $5 million in investor bids was generated to support wind energy initiatives. With these figures in mind, it would appear that wind energy is becoming the most favorable source of alternative energies.
Wind energy is appealing for many reasons, but the two most glaring are its environmental benefits, as well as its economic reach. In Maryland, where developers are gearing up to begin harnessing wind energy, Governor Martin O’Malley believes that moving away from fossil fuels will be both protective of the environment, and will also create many more jobs in his state. “The development of offshore wind will drive economic development in Maryland, create high-quality, family-supporting jobs for Maryland residents and play a major role in reducing emissions and protecting the environment,” O’Malley explains.
Wind energy is definitely becoming more and more appealing from an economic standpoint. According to an energy cost analysis report from Lazard, the value of investing in alternative energy sources will continually increase in the coming years. “Alternative Energy technologies are complementary to conventional generation technologies, and their use will be increasingly prevalent for a variety of reasons,” the report explains, “including RPS requirements, continually improving economics as underlying technologies improve, production volumes increase and government subsidies in certain regions.” Because of the economic value attached to alternative energy sources such as wind energy, one can predict that the future of wind energy is bright.
Adding to this prediction are the reported developments of commercial wind energy offshore, and of the slowly changing attitudes of investors and developers. Although it will take much longer to move completely away from using fossil fuels, it seems like 2014 and the years to follow will be rich with developments in alternative energy initiatives.