It is a win-win scenario.
now hitting parity or even falling below the prices of energy generated using fossil fuels, the question that needs to be answered is whether we need to accelerate the switch to cleaner energy. Researchers at Oxford university dug deep into historical data about energy prices to find out that the answer is a resounding yes.
The data analysis revealed that over the last two decades, the cost of solar energy dropped twice as fast compared to the most ambitious projections in these studies. "‘There is a pervasive misconception that switching to clean, green energy will be painful, costly and mean sacrifices for us all – but that’s just wrong," said Doyne Farmer, a professor at the Institute for New Economic Thinking, who led the study.
The researchers also found that renewable energy prices have been trending downward for decades and will beat fossil fuels across all applications in the near future. Accelerating the shift to renewables will also make them cheaper and faster, leading to financial savings in the near term. This also includes the prices of key storage technologies such as batteries and hydrogen.
The researchers attribute these problems to our dependence on fossil fuels which are not just polluting but also have high price volatility. Instead, a shift to clean energy will help us slow down climate change while also addressing energy concerns in a reliable way.
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