Exploring the Lucrative Frontiers in the Renewable Energy Market

By Don Nissanka, CEO, Elite Global Equity Fund

In recent years, the renewable energy sector has emerged as a beacon of hope in the fight against climate change and the quest for sustainable development. As the world pivots towards cleaner, greener energy sources, a plethora of job opportunities have emerged in this burgeoning industry. Elite Global Equity Fund (www.elite.fund “Elite”) has been focused on the Environmental, Social and Governance (ESG) sector, and is seeing the impact of “spending green” and its effect on the job market. I want to delve into the diverse and promising landscape of jobs in the renewable energy sector.

The Green Revolution

Driving Job Growth

The transition to renewable energy sources, such as solar, wind, hydroelectric, and geothermal power, has fueled a surge in employment opportunities across various sectors. A recent CNN review showed that even big Red States like Texas have gone “Green”. The reason is jobs. Enabled green jobs have far outpaced Texas’ previous high in 2022, with 33,435 openings—an impressive 62.2% increase from the previous year. From engineering and construction to research and development, the renewable energy market offers a wide array of career paths for job seekers passionate about environmental sustainability and innovation. States like Kansas have done the same and have aggressively searched out opportunities to bring companies that are focused on advancing manufacturing technologies to support the green revolution. This was exemplified when the State of Kansas entered into an agreement with Panasonic Energy to put up a 30 GWh lithium-ion battery manufacturing plant that would create up to 4,000 jobs.

Solar Energy

Harnessing the Power of the Sun

Solar energy has emerged as a leading contender in the quest for renewable energy sources, offering numerous benefits such as reduced greenhouse gas emissions and lower long-term energy costs. Neighborhood Power (www.neighborhoodpower.com), an affiliate company of Elite, has been providing its customers with 100% renewable energy for less over the past 15 years, and is seeing significant potentials due to the federal government’s IRA, CHIPS and Infrastructure Acts. Neighborhood Power has provided a power-by-the-hour business model that initiates power purchase agreements primarily focused on solar power solutions and energy storage to commercial and industrial (C&I) customers. The solar energy sector stands out as one of the fastest-growing segments within the renewable energy market, seeing a past industry wide annual growth rate of 24%, with projections to hit 55% by 2025. Jobs in solar energy range from solar panel installation and maintenance technicians to solar energy system designers and engineers, procurement, and general contractor personnel, amounting to over 260,000 jobs in 2023 just in the US. With advancements in solar technology and decreasing costs of solar installations, the demand for skilled professionals in this field continues to rise.

However, the widespread adoption of solar energy faces a significant hurdle: the shortage of trained personnel. Despite the growing demand for solar installations and maintenance, finding skilled workers in this field remains a challenge. Several factors contribute to this issue. Stephen Gates, President of Neighborhood Power, says the challenge is to get the academic sector to train professionals ready for the renewable market. “It is imperative that we move fast to get academia to meet the expectations in the industry” Stephen emphasized. The following factors arise:

Lack of Formal Education Programs: While there are educational programs and certifications available for solar energy, they are often limited in scope and availability. Many traditional educational institutions have been slow to incorporate comprehensive solar energy curricula into their programs, leaving aspiring professionals with few formal training options.
Technical Complexity: Solar energy systems are complex and require specialized knowledge in areas such as photovoltaic technology, batteries, electrical engineering, and construction. Acquiring these skills typically requires hands-on experience and on-the-job training, which can be challenging to obtain without prior exposure to the industry.
Evolving Technology: The solar industry, along with energy storage, power electronics, and power management is constantly evolving, with new technologies and innovations emerging regularly. Staying abreast of these developments and acquiring the necessary skills to work with cutting-edge technologies can be daunting for both newcomers and seasoned professionals.
Limited Awareness and Perception: Despite the growing popularity of solar energy, there remains a lack of awareness about career opportunities in the field. Many individuals may not view solar energy as a viable career path or may be unaware of the training and education required to enter the industry.

The best way for the industry to address the shortage of trained personnel is to be interactive with its workforce and give exposure to the activities they serve in the community. Elite has adopted a policy to get ready for the workforce demands, working hand in hand with Neighborhood Power and its industry partners. We are committed to increasing investment in education and training programs focused on renewables to help equip individuals with the skills needed to succeed in the industry. This includes both formal educational initiatives and on-the-job training opportunities. Collaborations between educational institutions, industry organizations, and solar opportunities will help bridge the gap between academia and the workforce. These partnerships can facilitate the development of tailored training programs and curriculums that meet the needs of the industry. We are committing to promoting awareness of career opportunities in the solar energy sector, energy storage and help attract more individuals to the field of renewables. Outreach efforts targeting students, job seekers, and career changers can highlight the benefits of working in renewable energy, providing information on training and educational pathways that will drive more awareness. Lastly, we will encourage ongoing professional development and upskilling amongst existing solar professionals, an essential part to keep pace with technological advancements and industry trends, along with promoting continuing education programs, certifications, and networking opportunities.

Wind Energy

Riding the Winds of Change

Wind energy has also witnessed remarkable growth, with wind farms sprouting up across the globe. Careers in wind energy encompass turbine technicians, wind farm operators, project managers, and wind energy analysts. As governments and corporations invest in expanding their wind energy capacity, job prospects in this sector remain promising. Despite this longstanding growth, it faces similar challenges to solar in acquiring skilled labor to keep pace with the growth in the industry.

Hydroelectric Power

Tapping into Water Resources

Hydroelectric power, derived from the energy of flowing water, presents opportunities in dam construction, hydroelectric plant operation, and hydrology research. My first exposure to the hydroelectricity came when I was 7 years old, seeing the mighty Victoria Falls using a dam to drive turbines that powered the country of Zambia. Amazingly, I have learnt over the years that most third-world countries are far more prevalent in using hydroelectricity as a necessity to keep their lights on. In countries like Sri Lanka, hundreds of micro-hydroelectric plants operate to produce electricity for subsistence communities. Jobs in this sector include hydroelectric engineers, dam safety inspectors, and environmental scientists specializing in water management. With ongoing efforts to modernize existing hydroelectric infrastructure and explore new hydroelectric projects in North America and around the world, the demand for skilled professionals remains steady.

Geothermal Energy

Tapping into Earth's Heat

Geothermal energy, harnessing the heat from beneath the Earth's surface, offers careers in geothermal resource exploration, drilling operations, and geothermal power plant maintenance. Geologists, geophysicists, and geothermal engineers play vital roles in identifying viable geothermal sites and optimizing geothermal energy production techniques.

Beyond Traditional Roles

Emerging Opportunities

In addition to traditional roles in renewable energy, emerging technologies and sectors offer new avenues for employment. Advanced energy storage systems, smart grid technologies, and renewable energy consulting services represent areas of growth within the renewable energy market. Moreover, the intersection of renewable energy with artificial intelligence, machine learning, and blockchain technology presents exciting opportunities for innovation and career advancement.

As the world strives to mitigate the impacts of climate change and transition to a low-carbon economy, jobs in the renewable energy market are poised for continued growth and significance. The shortage of trained personnel poses a significant challenge to the continued growth and success. Addressing this issue requires a concerted effort from stakeholders across the board, including educational institutions, industry organizations, and government agencies. By investing in education and training programs, fostering industry partnerships, and promoting awareness of career opportunities, we can ensure a steady supply of skilled professionals to drive the transition to a clean energy future.

I don’t believe fossil fuel jobs are going away tomorrow. I do, however, believe we can bring awareness to our younger generation. Making our kids realize the value created by stopping the use of our atmosphere as a dumping ground for carbon will pay dividends on all fronts, from a responsibility perspective and from a career perspective. Whether they want to become engineers, technicians, researchers, or entrepreneurs, the renewable energy sector offers a dynamic and rewarding career landscape where passion for sustainability meets professional opportunity. It is not the industry of our grandparents or our parents. It is a lucrative, profit-driven industry that is here to stay. Let our kids embrace the green revolution and become a driving force in shaping a cleaner, brighter future for generations to come.