Overview of Renewable Energy
- Historically more expensive than fossil fuels
- Rapidly decreasing costs due to improved efficiency and economies of scale
- Now cheaper than fossil fuels
- Produces little to no emissions, more environmentally friendly
Advantages of Renewable Energy
- Sustainable, does not deplete finite resources, reduces reliance on fossil fuels
- Costs vary by technology and project size
- Advancements and adoption will continue to reduce costs
- Essential for sustainability
Costs of Different Renewable Energy Technologies
| Technology | Cost per kilowatt-hour |
|---|---|
| Solar | $0.05 – $0.15 |
| Wind | $0.05 – $0.15 |
| Biomass | $0.05 – $0.15 |
| Geothermal | $0.05 – $0.15 |
| Hydroelectric | $0.05 – $0.15 |
| Tidal | Higher installation costs but low maintenance costs |
Comparison of Renewable Energy vs. Fossil Fuels
- Renewable energy cheaper than fossil fuels
- Two-thirds of newly installed renewable power in G20 countries cheaper than cheapest fossil fuel option
- Share of renewables in electricity generation growing
- Costs decrease as adoption increases
Future of Renewable Energy
- Renewable energy displacing fossil fuels gradually
- Nuclear cheapest when running constantly, gas has lower economies of scale, coal in between
- Learning curves reduce costs with increased capacity
- Investment drives down renewable costs faster through scaling
Challenges and Opportunities in Renewable Energy
- Renewable energy slowly displacing fossil fuels
- Benefits beyond cost savings, including lower emissions and energy independence
- Investment crucial for driving down costs and ensuring sustainability
Reality Check on Renewable Energy Costs
- Claims of renewables being cheaper than fossil fuels challenged
- Renewables remain more expensive due to practicality and current infrastructure
- Utilization of naturally occurring sources reduces dependency on foreign nations