As the world continues to battle climate change, the push for renewable energy has gained momentum with each passing day. While many people believed that the transition to renewable energy would be too expensive initially, we have seen a significant change in the cost of renewable energy for the past few years. The prices have dropped significantly, making it more accessible than ever before.
Renewable energy sources, such as solar and wind, used to be considered too expensive. However, recent technological advancements have made it easier to install and maintain solar panels, wind turbines, and other renewable energy systems, significantly lowering the energy production costs. Additionally, the drop in the cost of batteries has boosted the popularity of renewable energy, allowing energy storage systems to be integrated into solar and wind energy systems, increasing their reliability and efficiency.
The decreasing costs of renewable energy have been instrumental in developing countries’ efforts to become independent of fossil fuel imports. In India, for example, the cost of solar energy has dropped by over 80% in the last ten years, making it cheaper than traditional coal-fired power plants. Solar energy now accounts for almost a fifth of India’s installed capacity.
Similarly, the cost of wind energy in Brazil has decreased to the point where it’s now one of the most affordable electricity sources. In 2019, nearly 9 GW of wind energy was installed in the country, accounting for more than half of the new capacity.
Renewable energy isn’t just becoming more affordable, but it is also creating jobs in the industry. The International Renewable Energy Agency (IRENA) states that as of 2019, there were close to 11 million jobs created globally by the renewable energy sector, which is a 7% increase from 2018. Renewable energy and energy efficiency companies continue to outperform traditional fossil fuel sources, creating more jobs, and contributing more to global energy production.
In conclusion, the decreasing costs of renewable energy is excellent news for the world. Apart from being eco-friendly, renewable energy sources are increasingly becoming more affordable and accessible. With the continued investment and development of renewable energy technologies, we can hope that the renewable energy sector will continue to grow and become an even more significant contributor to global energy production, creating more jobs and ultimately reducing our dependence on fossil fuels.