Texas Leading the Way in Clean Energy Innovation
Energy, or precisely, “Clean Energy,” is at the center of a highly active and dynamic field that changes and affects not only our current life but also our near future. Undeniably, it has become a hot topic in recent times due to the release of the Clean Power Plan. The plan, a key focus of Obama’s climate change agenda, requires every state to cut carbon emissions by 32 percent from 2005 levels by the year 2030.
In response, adversaries have slated the plan as being a “war on coal”. Nonetheless, there is much support for the plan and Texas – although leading the nation in oil and gas production – is actually proving to be conquering this “war”. This is namely due to the diversified economy in Texas and an abundance of natural gas, sunshine and wind.
In fact, on December 20th 2015, Texas set a new all-time wind energy record. On this particularly windy day, wind provided 40 percent of Texas’s electricity for 17 hours straight. Furthermore, in 2015 alone wind generation went up by 26 percent in Texas. Likewise, solar energy is predicted to grow sixfold in 2016 and by 2030 is expected to add more generation than wind and gas combined.
Moreover, the transition to clean energy has also filtered down to companies in Texas with many utiilziing more renewable energy sources. For example, Facebook is constructing a large data farm in Fort Worth that will be run exclusively by wind power. Georgetown, north of Austin, will soon get all of its energy from renewable sources. Lastly, Mars and Proctor & Gamble are purchasing enough Texas wind power to meet all their electricity needs.
By most accounts, this is likely to be an incredible year for Texas in clean energy innovation in 2016. As revealed above, Texas is a diverse energy market and Obama’s climate change agenda stimulates a push for increasing technological advances in energy. One way of doing this is through conducting research and development (R&D). R&D can assist firms in creating new technological advances, products, or processes. Furthermore, the federal government, and several state governments, including Texas, provide R&D Tax credits for companies engaging in qualifying R&D activities. If you would like to make the most of your tax credit or learn more about the scheme, contact Texas Tax Credit today.