The future looks bright for renewable energy, as Solar and wind farms grow in both size and popularity. According to a recent study in the Financial Times, they could cost almost nothing by 3030.
“In 2010, using solar power to boil your kettle would have cost you about £0.03,” the analyst writes: “By 2020, according to estimates by our research team at UBS, the cost will have fallen to half a penny.” After that, they estimate that the price will reduce to almost zero. So what does this mean for the solar industry? Well, when previously wind and solar relied on subsidies, this could now no longer be necessary. Today, renewable energy is more likely to be supported by research and innovation rather than subsidies and many large companies are competing with each other to roll out their renewable energy projects. It is because of the cost-effectiveness of renewables that these corporations are more likely to invest in green energy. In 2015, Walmart installed 105 megawatts of photovoltaic panels on the roofs of its stores. It promises to double that by 2020. Apple’s campus, too, runs entirely off its solar roof panels. Many companies are considering back up grids powered by windmill’s in the case of their power going down, something that would, without the backup renewables, cost tens of thousands of pounds.
“The cheaper you install it, the better it is for everyone.”– Jonathan Marshall, Energy and Climate Intelligence Unit (ECIU)
With the price of renewable energy very much on the decline, these companies are waking up to the reality that not only is it more affordable to use renewable energy, a green energy agenda can help customers to view them in a very positive light. So, it is clear that some of the biggest companies in the world are making the most of the opportunities presented by the development of affordable renewable energy. Moreover, there are also benefits to customers, as new technology and innovation sees could see energy prices drop for them too. Indeed, as Jonathan Marshall, energy analyst at the Energy and Climate Intelligence Unit (ECIU) explains: “If the stuff you’re building to generate electricity costs less, the end effect of that is having to pay less for the electricity that comes from it… The cheaper you install it, the better it is for everyone.” Now is also the best time for individuals from the Financial Sector to upskill in Renewable Energy Finance in order to stay ahead of their competition.
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