Renewable Energy Sources: A Transition
Renewable energy sources are at the heart of the fight against climate change and the transition to a sustainable energy future.
Renewables have historically been expensive and lacked competitive pricing power in comparison to fossil fuels. However, in the last ten years, this has altered dramatically.
Renewable energy sources are the most cost-effective sources of fresh electricity.
Although fossil fuels currently account for the majority of global energy use, renewable energy sources are not far behind. Renewable energy’s contribution of worldwide electricity increased from 18 percent in 2009 to roughly 28 percent in 2020.
Renewable energy sources follow learning curves or Wright’s Law, which states that with every doubling of installed capacity, they grow cheaper by a fixed percentage. As a result of the growing use of clean energy, the cost of electricity generated by new renewable power plants has decreased.
Over the previous decade, the most significant cost reductions have occurred in solar PV and onshore wind generating installations. Furthermore, since their high in 2008, the price of energy generated by gas-powered plants has fallen mostly as a result of declining gas prices.
In comparison, the cost of coal-fired power has remained stable, with a 1% increase. Furthermore, due to increased regulations and a lack of new reactors, nuclear-powered electricity has grown by 33% in price.
When will Renewable Energy Sources Replace Traditional Energy Sources?
It’s only a matter of time before renewables become our primary source of electricity, given the rate at which their costs are falling.
As a result of some nations’ commitments to achieve net-zero carbon emissions by 2050, renewable energy is expected to account for more than half of global electricity output by that year.