No matter the drawbacks of renewable energy or benefits of fossil fuels, one aspect ultimately trumps the argument: fossil fuels are non-renewable. Fossil fuel consumption as doubled every two decades throughout the 20th century, with no signs of abating. Predictions for final depletion of fossil fuel reserves range from 50 to less than 150 years. Petroleum in particular presents a challenge as a resource: not only does demand consume oil as fuel but also as raw material for plastics, solvents, fertilizers, pesticides and other petrochemicals. Businesses can make an immediate impact by modifying their consumption habits. Building improvements, equipment upgrades, and simply turning off power when not in use impacts the bottom line beyond lower monthly utility bills. It can extend the life cycle and lower the ongoing maintenance costs of equipment, and it can lower exposure to the risk of energy price spikes and environmental or legal costs.
Renewable energy will be cheaper than fossil fuels in two years, according to a new report. Experts predict that investment in green infrastructure projects will lead to decreases in the cost of energy for consumers. Continuous technological improvements have led to a rapid fall in the cost of in recent years, meaning some forms can already comfortably compete with fossil fuels.
The report suggests this trend will continue, and that by 2020 Бall the renewable power generation technologies that are now in commercial use are expected to fall within the fossil fuel-fired cost rangeБ. Of those technologies, most will either be at the lower end of the cost range or actually undercutting fossil fuels. БThis new dynamic signals a significant shift in the energy paradigm,Б said Adnan Amin, director-general of the International Renewable Energy Agency (IREA), which. БTurning to renewables for new power generation is not simply an environmentally conscious decision, it is now Б overwhelmingly Б a smart economic one. Б The report looked specifically at the relative cost of new energy projects being commissioned. As renewable energy becomes cheaper, consumers will benefit from investment in green infrastructure. БIf the stuff youБre building to generate electricity costs less, the end effect of that is having to pay less for the electricity that comes from it,Б Jonathan Marshall, energy analyst at the Energy and Climate Intelligence Unit (ECIU) told The Independent.
БThe cheaper you install it, the better it is for everyone. Б The current cost for fossil fuel power generation ranges from around 4p toб 12p per kilowatt hour across G20 countries. By 2020, IREA predicted renewables will cost between 2p and 7p, with the best and solar photovoltaic projects expected to deliver electricity by 2p or lessб next year. Other methods of producing renewable energy, such as offshore wind farms and, are not yet as competitive as fossil fuels. However, the results of recent renewable power auctions for projects to be commissioned in the coming years suggest these forms too are due to drop in price. Auctions provide a useful means of predicting the future cost of electricity. БThese cost declines across technologies are unprecedented and representative of the degree to which renewable energy is disrupting the global energy system,Б said Mr Amin. The new report comes after 2017 was by WWF, when data from the National Grid revealed 13 different renewable energy records had been broken. However, current UK policy may hamper the development of renewable energy capacity. б БUnder current policy, the UK is at risk of being left behind as other countries take full advantage of the relentless fall in the cost of renewable energy,Б said Mr Marshall.
Notably, the subsidy ban for new onshore wind farms has been singled out, with the ECIU over five years. БIf the Government is serious about achieving the lowest cost electricity in Europe, the ban on onshore wind has to be first in the firing line,Б said Mr Marshall. б БUntil this happens Б and all low-carbon electricity sources are allowed to compete on equal footing Б the gap between the cost of electricity in the UK and elsewhere will prevail; to the ire of politicians, businesses and household bill payers. Б A spokespersonб from the Department for Business, Energy andб Industrial Strategy said the Government could still support onshore wind where there is local support, such as on the Scottish islands. БWe are pleased to see that established technologies, such as onshore wind and solar, are driving costs down for consumers,Б they said. БIf this continues, and they have local support, they may play a significant role in the energy mix in future. БSince 2010, the UK has invested more than бе52bn in renewable energy and in October, we confirmed that up to бе557m would be made available for future clean power auctions. Б