Why New Energy Is Beating Old Energy
Why are the Costs of Renewable Energy Lower than Fossil Fuels?
Sarah Moore, August 28, 2019 (AZO CleanTech)
“Latest statistics predict that renewable energy will be cheaper than that of non-renewables by next year…making the once futurist possibility of powering the world on renewables now a firm reality…[S]ince 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…[Fossil fuel generation has been around for a long time…[There] is little chance of innovations…[Instead, as] the limited fossil fuel resources become depleted, their costs increase…[and] the cost of running power plants is rising…
…[But innovations are driving down the cost of New Energy and] energy storage…Batteries have been devised with the capabilities of storing large amounts of renewable energy..[and] the price of the essential components for these batteries, such as lithium, has dropped, allowing savings to be passed onto the consumer…[Efficiencies for using New Energy to generate and store hydrogen is also] catalyzing the price drop of renewable energy is that of hydrogen power…[These price reductions can] be sustained into the future. The natural progression of more efficient and cost-efficient technologies has been the main driver…[and the] change in price points is set to support renewables’ use on large scale settings across the globe…” click here for more