Renewable Energy To Be Cheaper Than Fossil Fuels By 2020
Renewable energies have been on the rise for years. Solar, wind, tidal, and biofuels have begun to eclipse the once dominant fossil fuels on the market. A new report has stated that renewable energy will be cheaper than fossil fuels by 2020.
In 2017, Britain has started to generate twice as much power from wind than it has from coal. This has led to Britain to have the greenest year in the history of the United Kingdom. Well, you know, except when everyone was fighting with swords and stuff. I’m positive there wasn’t congestion of the free way in the year 1,200.
According the Engadget, the United States usage of solar and wind power has accounted for around 95% of new electricity added. 95%! This goes against the administrations confusing bids to open more coal power plants when coal is clearly on its way out.
In the report, “Renewable Power Generation Costs in 2017,” published by the International Renewable Energy Agency (IRENA), predicts that the cost of renewable energy will continue to plummet near or below the cost of fossil fuels.
“[By 2020,] all the renewable power generation technologies that are now in commercial use are expected to fall within the fossil fuel-fired cost range, with most at the lower end or undercutting fossil fuel.” the report stated. It also states that offshore wind project and solar energy, while still expensive, will continue to go down between 2020 and 2022.
“This new dynamic signals a significant shift in the energy paradigm,” explained Adnan Z. Amin, IRENA Director-General, in a statement. “These cost declines across technologies are unprecedented and representative of the degree to which renewable energy is disrupting the global energy system.”
If this shift continues to happen, don’t be surprised to see oil and coal companies scramble to stay relevant. It doesn’t matter how popular something is, once something is cheaper and better, it will usually overtake it and become the new normal.
(Via Business Insider)
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Jeff Sorensen is an author, writer and occasional comedian living in Detroit, Michigan. You can look for more of his work on The Huffington Post, UPROXX, BGR and by just looking up his name.