Benefits of Renewable Energy
Renewable energy saves money in several ways. Installing solar panels or wind turbines allows homes and companies to generate their own electricity. This reduces reliance on the power grid and lowers monthly energy bills. The average residential solar system saves homeowners between $10,000 and $30,000 over its lifespan. These savings come from lower bills and selling excess electricity back to the grid. Homeowners can also earn money through government incentives for renewable energy systems.
Cost Comparison: Renewable vs. Fossil Fuels
According to Bloomberg research, wind power farms produce electricity at a rate of $80/MWh in Australian dollars. This is cheaper than electricity from a coal-fired power station at about $143/MWh or a gas power plant at $116/MWh.
Transitioning to Renewable Energy
According to Stanford research, transitioning the world to 100% renewable energy would cost around $62 trillion to build sufficient wind, solar, and hydro power capacity to fully meet demand.
Switching from fossil fuels to renewable energy can save up to $12 trillion by 2050, as stated by a study from Oxford University. Renewable energy also has environmental benefits, reducing greenhouse gas emissions and dependence on non-renewable resources.