For many years, solar and wind power were taunted as trickery in that they were too costly to initiate without state handouts.
At present, renewable energy is so affordable that the handouts they once required are vanishing. Evidently, hydroelectricity, solar, geothermal and wind energy is unwaveringly thriving around the globe.
As a matter of fact, new studies reveal that, renewable energy is more economical as compared to non-renewable energy sources in the long run. The good news is that the cost of renewable energy has been remarkably declining over the past years and it looks like the trend has no indication of reversing.
By the same token, in large portion of the US, it is now becoming less expensive to establish a wind or solar farm as compared to keeping current coal plant running. One of the reasons for this is today’s advanced technology where wind turbines and solar panels have gotten more proficient at producing power.
When renewables get less pricey, consumers tend to purchase more, and when these products get even less costly, people decide to purchase more and more. This only proves that economies of scale are of great aid too.
Most of those declines in cost have emerged just in the last decade, and this was unanticipated by some energy analysts. Additionally, even though renewable energy is thriving, it still requires additional investment in advance as compared to non-renewable energy. Countless individuals and nations envision the perks of investing now for a greener, better and more sustainable future.