Renewable Energy To Compete with Fossil Fuels if People Make the Switch
Renewable energy is cheaper and more efficient than ever and here’s why.
The cost has decreased significantly over the last decade, and it now costs between $.05 and $.10 per kilowatt hour (kWh). This is almost equal to the price of fossil fuel , which sits between $.05 and $.17. So if renewable energy can be cheaper per Kw of energy, why aren’t people switching to the more eco-friendly option?
The answer lies in reliability. Fossil fuels have been providing a stable amount of energy for a while now, and is therefore more implemented intersociety. Renewable energy is on the rise and has just recently become cheaper. The longer renewable energy is around, the more it will be trusted and introduced as reasonable prices in markets.
Renewable energy will likely continue to be viewed as the more expensive option for power, but it could become the cheaper than fossil fuel in the long run. Renewable energy can involve getting solar panels for your house, or buy a share in a solar or wind farm. The more people that choose to switch help normalize and bring down the overall price.
The latest comes from a team of scientists from UC Berkeley, who analyzed the cost of renewable energy and concluded that it can be competitive with oil and coal.
“That’s a big deal,” said a lead author of the study and a professor in the department of civil and environmental engineering at UC Berkeley. “Because we have to pay more for the fuel than we can by using it. So if we find out that it’s a cheaper option to oil and coal, it could change the way we use and spend money on energy.”
The study said the price of renewables is expected to fall further. “We’re not locked into this,” he said. “This is going to be an ongoing conversation.”
If more people make the switch, we will most differently see a future in which renewable energy is our only energy source.