There needs to be a global shift in which governments, businesses, and individuals decide to choose renewable energy resources over fossil fuels.
To incentivize people to make the switch to renewables, they need to be cheaper than fossil fuels.
Low-carbon electricity is the future because it is not only good for the environment, but we are also finally seeing the prices drop and become cheaper than electricity from fossil fuels.
Is wind energy cheaper than fossil fuels?
Fossil fuels dominate the global electricity market because they have been the cheapest form of obtaining electricity in the past, but that is now changing.
All around the world, electricity developed by renewable energy sources is becoming more reasonable in comparison to electricity generated from fossil fuels.
According to Altenergymag, “In two-thirds of the world, renewable sources of power are more affordable than carbon-based electricity.”
So how did this significant shift happen over such a short time? There are three primary reasons:
- New Technology – As more people adopt and invest in wind energy, more research is funded to lower its cost. As more and more studies are conducted, more efficient technologies are created, making wind energy cheaper.
Balancing resilience and efficiency was a problem the renewable energy industry faced in the past, but that is not the case anymore.
- Energy Subsidies – To promote combating climate change, many governments offer subsidies to businesses and individuals who choose to use sustainably sourced energy such as wind power. These subsidies come as monetary incentives that reduce the cost of selecting wind energy. The result of subsidies is that they reduce the overall economic impact on consumers who choose to do the right thing and invest in sustainably sourced energy to help the environment.
- Market Variability – Fossil fuels are subject to the volatility and variability of the global market, whereas renewable energy is not so much. Fossil fuels are finite resources that are controlled by various entities, including governments and businesses worldwide.
Both crude oil and coal have seen price hikes in the past few decades, but renewable energy has only seen price declines over this time.
Wind power is not far from becoming a common power source.
That being said, renewable resources are not just an environmental trend but also becoming an economic trend that will come to stay because they will only get more affordable as the years go on.
How much does wind energy cost compared to fossil fuels?
According to an article by Charles Frank on Brookings, wind power “costs nearly 6 cents more per KWH.
To place these additional costs in context, the average cost of electricity to U.S. consumers in 2012 was 9.84 cents per KWH, including the cost of transmission and distribution of electricity.
This means a new wind plant could at least cost 50 percent more per KWH to produce electricity.”
Is the cost of wind energy justified for a better future?
The toll that fossil fuels are having on the Earth is costing us now and will continue to cost us in the future.
Given that wind power is not swayed by the market and is getting cheaper by the day, the cost of it is justified to promote a healthier future.
One thing that is crucial to understand is that wind power is more of an investment, not a cost. We need to look at the fact that we are investing in our future and the future of the Earth.
Even though wind energy can be more expensive still, we must bear the burden.
No longer is the choice as simple as the cost of energy and which one is cheaper for the consumer.
No, the choice is much more complex because of climate change and its effects on our world. Climate change will cost us more than we can even imagine in the future due to declining agricultural yields, decimated infrastructure, protecting our power grid from extreme weather, and so on.
Now, we must consider whether the higher cost of wind energy and other renewable resources is worth it or not to invest in our future.
In our current day and age, we must decide to invest in the future and quit putting it off for future generations.
It may cost us more now, but the return of our investment into our future and the future of our Earth is worth it.
By investing in wind energy and paying the price now, we will stave off the detrimental effects of climate change and global warming that will surely wreck our future if we pay no heed.