Renewable energy has become increasingly cost-effective, which has led to a rise in independent energy providers such as Bulb. These providers have been able to offer customers significant savings over the traditional “Big 6” providers. The cost of renewable energy has been decreasing due to the “experience curve effect” and increased competition in the generation stage of the value chain.
Investment in renewable energy projects, including wind, solar, hydro, and biomass technologies, has increased significantly in recent years. However, many consumers still believe that renewable energy cannot meet the demands of today’s energy-intensive society. While it is true that renewable energy sources such as wind and solar cannot generate energy 100% of the time, a balanced mix of renewable technologies can provide more than enough energy. Additionally, advancements in energy storage technology, such as Tesla’s batteries, have made it possible to store unused energy from high production times.
It is crucial for more people to recognize the value of a renewable future, not only for the impact on the environment but also for their wallets. The cost of generating energy from burning gas and generating electricity using solar panels is now essentially the same. The switch to renewable energy has never been clearer, and it is time for more people to make the switch.
Overall, renewable energy sources have become a viable alternative to traditional fossil fuels, and the investment in renewable energy projects is expected to continue to grow. The transition to renewable energy will require planning and incentives to ensure a just transition for all and to minimize environmental damages. However, the economic sense and benefits of transitioning to renewable energy make it a necessary step in addressing climate issues and achieving net-zero emissions.