Cost of renewable energy continues to plummet throughout the worldJanuary 29, 2018
Report predicts that clean power will be less expensive than fossil-fuels in two years
Renewable energy is set to become less expensive than fossil-fuels within two years, according to a new report from the International Renewable Energy Agency (IREA). The report suggests that aggressive investments in clean power will lead to a steep decline in the cost of energy for consumers and businesses alike. Advances in technology have also made clean energy systems more efficient and less expensive to produce. This has made clean energy, as a whole, much more viable when compared to fossil-fuels.
Clean technology is becoming more affordable at a rapid pace
The report suggests that all clean technologies and renewable energy systems operating commercially will fall within the fossil-fuel cost range by 2020. Notably, onshore wind and solar power systems may become less expensive than fossil-fuels. With the cost of clean power falling, it will become easier for new projects to take form. This could create many new economic opportunities for businesses and consumers.
Clean energy is finding particular success in the UK
In the United Kingdom, renewable energy has established a major presence. In 2017, clean power grew more quickly than any other form of energy in the country. Despite this, clean energy faces some challenges in the UK. Current government policies could slow the development of new energy projects considerably, which would have an impact on the UK’s overall stance in the global renewable energy market. Last year, the government disabled subsidies that supported the development of new onshore wind farms. Clean power advocates are pressuring government officials to reintroduce these subsidies in order to ensure that the cost of energy continues to fall.
Inexpensive renewable energy is adding momentum to clean transportation
With technology becoming less expensive, clean transportation is gaining momentum. Notably, hydrogen fuel cells have come to establish a prominent presence among automakers interested in renewable energy in general. Fuel cell vehicles are beginning to win strong support from various governments, all of whom are benefiting from the rapidly declining cost of clean power.