Renewable Energy Costs Now Economical

GFDL/Philipp Hertzog

The belief that renewable energy applications are too expensive to be put into use on wide basis has been challenged by latest studies. Latest studies reveal that renewable energy applications are getting cheaper every year.

The study was conducted by the Abu Dhabi based International Renewable Energy Agency. The IREA is an intergovernmental organisation that aids in promoting applications of renewable energy on a large scale. The agency is headquartered in Abu Dhabi and has more than 155 member states. The study states that the costs for producing power from solar panels have fallen down by as much as 60% in the last few years.

The costs for producing power from other renewables like wind, hydro and biomass has also come down considerably. The most oft statement made by industry lobbyists to oppose renewable energy was to cite its expensive cost. However the statistics state a different picture. Renewable energy prices are coming down and will continue to do so. In fact the prices are even competitive with traditional fossil fuel sources of energy.

Investments in the renewable energy sector no longer represent a niche market. Rather it has grown into a wide market with global investments. The renewable energy industry is growing by leaps and bounds and the costs are becoming more and more customer friendly.

It is predicted that 4 million jobs will be created within the renewable industry in the electricity sector alone, in the developing rural areas of the world. At present there are 5 million jobs in the renewable energy industry on a global scale whereas there are 1.3 billion people in Asia and Africa who do not have access to electricity. This ratio shows that there is tremendous employment potential in the renewable energy industries.

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