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Wed, 28th Aug 2019 13:23:00 |
Why are the Costs of Renewable Energy Lower than Fossil Fuels? |
The data shows us that since 2010, prices of onshore wind have reduced by roughly 23%, and solar photovoltaic (PV) electricity prices have dropped by 73%. Other renewables have followed this pattern, which is expected to continue. Without doubt, renewable energy is disrupting the entire energy sector, and with the expectation for them to finally be more cost-effective than fossil fuels, the adoption of these energy sources will continue to grow. But why have prices fallen, making them cheaper than traditional non-renewables?
The reason for this tipping of scales is quite simple. Gaining power from fossil fuels is a technology that has been around for a long time. As far as further advances in technology are concerned, the sector is pretty much exhausted. There is little chance of innovations being made to significantly impact the cost of this type of energy production. What we are seeing instead is that as the limited fossil fuel resources become depleted, their costs increase. In addition to this, the cost of running power plants is rising due to the ever-increasing cost of living, coupled with increasing pressure to improve safety and reduce pollution.
Conversely, renewables are still in the youth of their development, with innovations created each year to help drive down the cost of harnessing their energy. As we learn how to efficiently produce, store and distribute this power, we develop methods to do this at the most minimal cost. It’s this multitude of developments which is contributing to the rapidly falling cost of renewables.
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