Renewable energy costs continue to plummet: is it time to make the switch?

(KXAN) – Almost two months have passed since the IPCC (Intergovernmental Panel on Climate Change) published its most recent climate report. The latest one published in 2013 helped shed light on the changing climate around the world and helped establish the Paris Climate Agreement.

The findings in this most recent report have surpassed previous predictions that the climate crisis is here and more present than ever. Warnings were issued in the report stating that if little or no action is continued, we may pass an irreversible tipping point that could spell disaster and the extinction of many species.

Disasters around the world continue to cost lives and billions of dollars in damage. And for so long, it has seemed that not enough has been done to combat the looming crisis – until now.

A recent report from the University of Oxford indicates that the price for power production of almost all types of energy (from fossil fuels to renewables) has been coupled with an average price of $ 100 per megawatt hour.

This is a big problem when looking at energy production costs over time.

Fossil fuels like oil, gas, and coal have been stable since their first years of discovery nearly 140 years ago. Which is pretty cheap, around $ 100 per megawatt hour.

On the other hand, renewables like wind, solar, and batteries started out being very expensive to produce during the last half century, but are now some of the cheapest forms of energy production. according to an IRENA report (International Renewable Energy Agency). These prices have now fallen to most fossil fuel production costs, or less than they.

If renewable energy sources continue in free fall, as the Oxford researchers suggest, not only will it be easier for developing countries to build their grids, but it will be even easier (and cheaper) for developed countries to make the switch. .

If / when we can decarbonize our world by switching to a renewable energy portfolio, then we will take a big step in the fight against climate change by reducing the greenhouse gases that are currently being emitted.

Switching to cheaper renewables could also save “many trillions of dollars”Around the world in energy costs. That it also does no They explain the billions and billions in damage from disasters that many scientists believe are exacerbated by climate change.

It’s worth noting that this week, Congress is expected to debate President Joe Biden’s $ 2.3 billion infrastructure bill. The bill includes a mandate called the “Clean Energy Standard,” which will essentially require that a certain percentage of America’s energy be generated from zero-carbon resources.

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