Due to the increase in electricity prices, technological advancement as well as decreasing rates of solar and wind, there is a likelihood of renewable power sources to become the world’s primary energy source. Solar, wind, and other clean energy will soon be the global power in 25 years, quicker compared to any other fuel in the world’s history.
There is a continuous increase in the prices of electricity globally. For instance, in Australia, homesteads face a rise of up to $50 on their yearly power bills, while in the United States, the household power rates have increased by about 15% in the past ten years.
In the United States, some areas have been adversely affected; for instance, in Oregon, the rates of electricity have risen about 40% over the last ten years. In Australia, the costs of homesteads power rates raised by 72% and 54% for gas. The most unfortunate thing is, the situation does not seem to change soon.
The Energy Information Agency anticipates that electricity costs will pursue rising in the United States, both in the long-run and in the short-run up to 2040. The main attributes are climate change as well as extreme weather, which has led to an increase in the demand for power (through excessive warming and air-conditioning), thus driving power costs greater.
Generally, increasing costs of power are making consumers find other inexpensive, clean energy. The most promising thing is that the cost of renewables is drastically decreasing. As far as solar is concerned, its price is reducing very fast. Solar is much cheaper than coal. There has been an 86% decrease in solar prices since 2009, and in 2017, the United Nations Environment Programme approved that solar power was the leading energy to be produced in that year.
Environmentalists are happy as the world shift to clean energy sources. At the same time, investors are busy gathering more information as to how they can boost their economic wellbeing. There is greater hope that the world will turn into clean power as soon as possible. Conforming to the analysis of 800 central industry figures, China will be the leading country to attain grid parity in 2022; the second country will be Spain, and then the third will be the United Arab Emirates in 2024. According to the International Renewable Energy Agency, by next year, clean power sources will be less expensive than all the fossil fuels.