Studies Show That Renewable Sources, Such as Solar and Wind Energy, Are Cheaper Than Previously Thought

Written by Roberta Souza

Published on 03/09/2020 at 10:14

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The British Government Reviewed Numbers and Concluded That the Price of Energy from Renewable Resources, Such as Solar and Wind Power, Is Nearly 50% Lower Than the Originally Calculated Price

Energy from renewable sources is already very competitive in the market. In fact, this year is considered by the sector a milestone in price shifts, meaning that clean energy generation has become equal to or cheaper than energy from fossil fuels. The UK government issued a report that offers a new perspective on this account. By considering the “normalized” cost of electricity, the price of solar and wind energy is much cheaper than previously thought, over the lifespan of a power plant.

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The research report was conducted by the Department for Business, Energy and Industrial Strategy (BEIS), which regularly makes forecasts on the subject. The cost of renewable energy has dropped dramatically, 47% less compared to four years ago. This means that, by 2025, wind farms or solar plants will be able to generate electricity at half the cost of natural gas thermal energy.

To reach this conclusion, the British government used an equation to “normalize” energy costs, taking into account the average value per megawatt over the life of the project. This way, different resources can be compared, such as renewable resources, natural gas resources, and nuclear energy resources.

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Studies Show That Renewable Sources, Such as Solar and Wind Energy, Are Cheaper Than Previously Thought

The British Government Reviewed Numbers and Concluded That the Price of Energy from Renewable Resources, Such as Solar and Wind Power, Is Nearly 50% Lower Than the Originally Calculated Price

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Studies Show That Renewable Sources, Such as Solar and Wind Energy, Are Cheaper Than Previously Thought

The British Government Reviewed Numbers and Concluded That the Price of Energy from Renewable Resources, Such as Solar and Wind Power, Is Nearly 50% Lower Than the Originally Calculated Price

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The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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