Recently, Canada became the 7th country in the world to achieve over 10,000 MW of installed wind energy capacity. This milestone highlights the strength of Canada’s wind energy marketplace and the progress and achievements being made to Canada’s energy infrastructure.
Wind Growing at a Faster Pace than Other Forms of Energy
One of the most important developments in Canada’s wind energy marketplace in recent years is the rapid integration of wind energy production facilities. Investments in wind infrastructure are significantly boosting the future potential of this renewable energy source.
Wind energy facilities are being installed and integrated at a very fast pace, with new units popping up at a quicker rate than other energy marketplaces, including solar, natural gas, hydro and nuclear.
In the past five years, there has been more new wind energy capacity added to Canada’s grid (5,690 MW) than many other common energy forms. This highlights the rapid growth within the wind energy marketplace. Wind now represents 38% of all new electricity generation capacity installed within the past 5 years.
Limitless Potential within the Marketplace
The latest data on the wind industry in Canada shows that it’s doubling in revenue every three years. And since 2007, Canada’s wind capacity has increased 75% as a result of new machinery being added to wind energy production facilities.
This growth in the marketplace and the success of various wind power facilities across the country has led the Canadian Wind Energy Association to set in place a strategy that would allow Canada to reach a wind energy capacity of 55,000 MW capacity by 2025. This would help meet 20% of the country’s energy needs by that time. It’s a goal that showcases the potential value of wind energy and its ability to meet the demands and needs of property owners across the country.
High Cost of Energy Pushing Wind as an Alternative
In Ontario in particular, the cost of traditional forms of energy, such as hydroelectricity, are on the rise, which is pushing consumers to seek out alternatives for their everyday power requirements. Wind is becoming one of the leading low-cost strategies for energy production in Ontario and throughout Canada. It’s a developing marketplace that has only just begun to show a small semblance of its potential value for Canadians.
The Canadian wind energy marketplace is growing significantly year over year. To discover more on the subject of wind energy and its benefits, speak with our expert team today!