USA invests big time in solar and wind power

David-Cameron-at-the-EU-s-007While the UK appears to be doing a backpedal on the use of solar and wind technology, the USA has extended tax credits for another five years.

The extension means that an additional 20 gigawatts of solar energy will be supported, according to Bloomberg, which estimates that the deal will provide over $73 billion investment and electricity supply to eight million US homes.

The USA is already one of the biggest investors in clean energy and Bloomberg estimates that the size of the investment means further reduction in costs.

British prime minister David Cameron, who once touted himself as the UK’s “greenest” politician and even had an electricity generation system on his roof, is expected to dramatically slash feed back tariffs in the New Year.

Currently there’s an oversupply of photovoltaic panels which is expected to continue into next year.