Can Green Energy Be Economically Viable?

Can Green Energy Be Economically Viable - Investments in green energy are predicted to increase with proven economic benefits.

It has long been known that domestically generated, clean, inexhaustible electricity could have significant positive effects on the environment and the economy. The only obstacle stopping us from committing to green energy is its costs. This narrative continues to drive us back to the use of fossil fuels despite the environmental damage.

Can green energy be economically viable? Numerous researchers have sought to draw a conclusion, and many have found techniques showing that renewable energy generation is monetarily possible. In this article, we will be exploring the many economic facets of green energy, including the renewable energy market, its market share, definition, and future.

What is the future of the renewable energy market?

It is anticipated that solar capacity worldwide will increase by 600 gigawatts by 2024, nearly doubling Japan’s installed total electricity capacity, which might be compared to the absolute power limit of the US.

Experts in the industry estimate that the US will double its solar installations to four million by 2023. Considering the UK, the country had more than one million solar panel installations in 2018, up by 2% from the previous year. This growth in solar panel installations is due to the fall in prices of panel installations. This decrease in price could signal a positive future for the renewable energy market.

Looking at solar energy, it’s been projected that 72% of coal-based power will cease to be profitable globally by 2040, while the cost of solar PV-based power will decrease by 13% in 2018. Due primarily to its accessibility, the International Energy Agency reported that solar energy would account for 60% of the anticipated growth in renewable energy sources. Solar energy development has more than doubled in the last six years. The expense of sun-based power is supposed to decline by 15% to 35% by 2024, prodding further development throughout the past few years.

The green energy market share

Renewable energy sources include bioenergy, wind, hydropower, solar, geothermal, and others. At the moment, renewable energy sources are capable of meeting about 7% of the world’s energy needs. It is anticipated that this share will significantly rise in the future.

By 2030, it is predicted the renewable energy market will attain a market size of USD 1,998.03 Billion. The fasted growing market in green energy is currently led by North America.

Why is green energy important in the modern world?

The ability to replace the negative effects of fossil fuels with alternatives that are better for the environment makes green energy important for our modern and future societies. Green energy, which is typically derived from natural resources, is renewable, clean, and frequently readily available, in addition to releasing little or no greenhouse gases.

What are green future energy resources?

Green energy sources refer to any energy from natural sources like water, wind, or sunlight. However, there are some distinctions between green energy and renewable energy. The fact that these energy sources don’t harm the environment by releasing greenhouse gases into the atmosphere is crucial.

To be considered green energy, a resource must not pollute, as fossil fuels do. This indicates that the renewable energy sector uses only some environmentally friendly sources. For instance, power generation that consumes natural material from supportable woodlands might be inexhaustible, yet it isn’t guaranteed to be green due to the CO2 emitted from the production process.

How does green energy help in having a sustainable environment?

It is known that using sustainable energy reduces irreversible damage to our ecological systems due to the limited use of polluting fossil fuels. Additionally, economic development and renewable energies are positively linked.

Economic growth raises the level of energy used, especially the demand for fossil fuels. Renewable sources are environmentally friendly and are low-carbon energy sources. Solar, wind, geothermal, and hydroelectric power do not produce greenhouse gases.

How does green energy affect the economy?

Some of the economic and environmental benefits of using green energies include the reduction of greenhouse gas emissions from fossil fuels and air pollution, which in turn increase citizens’ overall health and well-being. Moreover, using renewable energies provides the added benefit of diversifying the sources of energy supply, which reduces countries’ dependencies on energy sources which is helpful for governments in times of uncertainties, as well as the added benefits of job creation and reduction of unemployment.

In Egypt, companies like Anchorage Investments contribute to reducing unemployment through their large and complex chemical projects using green and innovative technologies. Their latest petrochemical plant project, Anchor Benitoite, aims to provide 2500 new jobs.

What is the most economically efficient energy source?

Can Green Energy Be Economically Viable - Wind turbines are the most efficient renewable source of energy.
Wind turbines are the most efficient renewable source of energy.

The most frequently ranked energy source as the most efficient is wind energy. It is harnessed globally. While some areas are known to have an abundance of wind more than others, businesses often make use of these windier spots to build wind farms with turbines. Additionally, wind energy has been used for hundreds of years. Over 341,000 wind turbines can be counted currently on the planet.

The economic disadvantages of using green energy.

Presently, it costs a lot of money to set up facilities to produce renewable energy. Hydroelectricity plants, solar panels, and wind turbines all require significant financial investment to set up. These plants require large upfront investments and ventures to construct, with high maintenance costs as well as cautious preparation and execution.

How can we make economic sense out of green energy expenses?

When compared to the construction of new coal or nuclear power plants, switching to renewable energy requires significantly less investment in the power sector. This results in a decrease in the cost of electricity, which influences the economy as a whole. The price of electricity falls, which lowers production costs and raises profits. At the same time, it helps households because they can spend more on other things. After all, they spend less on power. When building renewable energy, the economy is positively impacted.

In conclusion, the debate on the costs and benefits of green energy shows that with the increasing information, we have on renewable energies, their implementation may be costly now, yet they offer long-term benefits for citizens and economies globally. It is even predicted that the cost of certain renewable energy sources will decrease, creating a positive outlook for the renewable energy market worldwide.