Currently, about half of Texas's electricity generating capacity is powered by natural gas. This is all about to change however as the state sees some major shifts in terms of where its electricity comes from. Solar and wind are slowly emerging as the state's new go-to energy sources. Solar power is Texas's fastest-growing source of electricity with an additional 68 gigawatts of power expected to be installed within the next few years. This means that it will represent over sixty percent of all power on the grid within the state. To put it into perspective 1 gigawatt can power roughly 700k homes.
The wind is not far behind. On that front, Texans are expected to see 30 gigawatts of wind power installed. Why the rather drastic move away from natural gas…For one thing, Texas historically has been among the country's biggest offenders when it comes to its carbon footprint. With the vast amount of sunshine the state enjoys, solar thus became a logical solution to try and curb reliance on natural gas along with less carbon forward forms of energy.
The state in many ways is creating a blueprint for others to follow in terms of moving toward sustainable resources. Their bold initiatives and drive to use cleaner forms of fuel is certainly a huge step in the right direction.
First Union Lending has been working with businesses across the state of Texas as well as numerous other states. We believe in helping small business owners truly make a difference, be it trying to go green or integrate more sustainable practices in general. We've even helped companies retrofit their office spaces to make them more eco-friendly. If you need a loan for whatever project you might have in mind, we would love to help. Give us a call!