The COVID-19 crisis has changed American life fundamentally in more ways than we can count. Every industry and sector of the workforce has been impacted by the shutdown and the ensuing global financial crisis. During the height of the shutdown, shifts in payment arrangements and late fees caused a certain degree of uncertainty within the public utility sectors. Despite these challenges, clean energy is uniquely positioned to weather the challenges created by COVID-19 over other industries.
In this post, our engineering recruiting experts at One Tech will explore how COVID-19 is affecting clean energy and talk about how we’re helping to fill clean energy jobs. Give us a call to discuss your future in clean energy today.
The Impact of COVID-19
The extent of the COVID-19 effect across industries and sectors has been far-reaching. Every industry has been in some way impacted by a reduced workforce due to social distancing guidelines during the national stay-at-home guidelines. This created a ripple effect of supply chain disruptions where shifts in the supply chain meant more demand for consumer products and less for commercial ones.
Revenue for many industries was dramatically reduced or even halted, creating the impetus for Congress to respond with the CARES Act stimulus plan. In response to revenue reductions and decreased demand, a shock wave of furloughs and layoffs rippled through the national economy, skyrocketing unemployment rates. To help keep America from sinking, many local governments enacted moratoria on evictions and utility cutoffs.
Assessing a Positive Outlook for Clean Energy
Despite the economic crisis, the American economy is well-poised to make a comeback, and utilities are some of the winners due to their relatively low risk. One of the key forces in the economic recovery has been flexibility. Every industry has made reactive changes in their business models, and clean energy is no exception.
As utilities continue to shift toward using clean energy, renewable resources have become a more viable long-term solution for adapting to the post-COVID reality. Although the move toward clean energy may be temporarily paused, the momentum is there.
There are several key factors driving the push toward clean energy:
● Increased investment in energy
● Economic staying power in the industry
● Low inflation
● Federal Reserve interest rate cuts
Mitigating Risk in Utilities and Clean Energy
Whereas many industries have been rocked by the COVID-19 crisis with little recourse, utilities have the ability to refinance debt thanks to lower U.S. Federal Reserve interest rates. While debt collection due to the moratoria remains a concern, many utilities have been able to recover their lost revenue almost entirely through federal programs.
The resilience of utilities coupled with limited investment possibilities will certainly drive investors to see utilities moving to clean energy as a sure bet. Another key factor driving the push toward U.S.-powered clean energy is the drive to be less economically dependent on globalization and more reliant on homegrown industry. In response, engineering recruiters predict an increase in prospects for engineering jobs in clean energy.
Engineering Recruiters and Clean Energy Prospects
Today’s clean energy engineers are working hard to create a future where renewable energy powers utilities. At One Tech Engineering in Minnesota, our engineering recruiters keep our fingers on the pulse of American industry.
We’re committed to connecting the best engineers in the clean energy sector with companies where they can grow and build a bright future for America. To take your place in the clean energy sector, speak with our engineering recruiters at 952.884.9199, or contact us to find out about opportunities today.