For many decades renewable energy was a niche, a necessity for remote locations, a fashion and lifestyle statement for some, a sincere attempt to lessen our impact on the planet even if it was inefficient, an expensive alternative to conventional energy. Now,
“In the U.S., for example, 61% of current coal capacity already has higher operating costs than new renewables.“
And the cost improvements continue:
- 85% for utility-scale solar
- 56% for onshore wind
- 48% for offshore wind
- 68% for concentrated solar power
And that’s only for one decade.
The improvements in technology, efficiencies, integration, and adoption continue the economic gap between conventional fuels and renewable energy will likely expand. As more customers opt for renewable options over conventional options, the unit cost of production for renewables will drop while fossil fuels increase. An economic death spiral for oil, gas, and coal.