Fact Check: Renewable Energy Offers Cheapest Power Sources
Renewable energy has become one of the most cost-effective power sources, thanks to technological advancements and widespread adoption, which have drastically lowered the costs of solar and wind energy.
Claim :
Renewable energy is more expensive.Fact :
Renewable energy is now one of the cheapest power sources, with solar and wind costs dropping a lot due to better technology and wider use.
The rising global energy demand has led to increased reliance on fossil fuels, which contribute significantly to greenhouse gas emissions and environmental degradation. As energy consumption continues to surge, the need for sustainable alternatives becomes critical. Renewable energy sources, such as solar, wind, hydro, and geothermal, offer a viable solution to meet future energy needs while minimizing environmental impact.
Renewable energy is clean, abundant, and sustainable. Unlike fossil fuels, it produces little to no carbon emissions, helping to combat climate change. The adoption of renewable technologies can also reduce dependence on finite resources, ensuring energy security for future generations. Moreover, renewable energy promotes economic growth by creating jobs in installation, maintenance, and innovation.
In the upcoming decades, advancements in technology will make renewables more efficient and accessible. Governments and industries are increasingly investing in green energy, signaling a shift toward a low-carbon economy. By embracing renewable energy, societies can transition to a sustainable future, ensuring a balance between energy needs and environmental preservation.
Amid this, a text has been circulated claiming that renewable energy is more expensive. You can find the screenshot below.
Fact Check:
The claim is false. Renewable energy has become one of the most affordable power sources, as advancements in technology and increased adoption have significantly reduced the costs of solar and wind energy.
While searching for the importance of wind and solar energy, we came across an article published by Ember Energy. In the article, they mentioned.
Solar and wind energy are vital for sustainable development due to their environmental and economic benefits. They generate electricity without emitting greenhouse gases, helping to mitigate climate change and reduce air pollution. Technological advancements have significantly reduced the costs of these renewable energy sources, making them competitive with fossil fuels. Additionally, solar and wind power enhance energy security by diversifying the energy mix and reducing reliance on imported fuels. Their decentralized nature also improves energy access in remote areas. Adopting solar and wind energy is crucial for building a cleaner, more resilient, and economically sustainable energy future.
We also found that International Renewable Energy Agency (IRENA) published: The global weighted-average cost of electricity from utility-scale solar photovoltaic (PV) projects fell by 88% between 2010 and 2023, reaching $0.049/kWh. Similarly, onshore wind costs decreased by 68% to $0.033/kWh in the same period. In contrast, electricity from fossil fuels like coal or oil averages between $0.05–$0.15/kWh, often higher when accounting for carbon taxes and market fluctuations.
Operational costs for renewables are minimal since sunlight and wind are free, while fossil fuels incur ongoing expenses for extraction, transportation, and refining. Moreover, renewable energy projects offer long-term price stability, unlike oil prices, which are highly volatile due to geopolitical factors. This growing affordability makes renewables not only an environmentally sustainable option but also a financially practical one for energy generation worldwide.
A Forbes article from September 2024 reported that 81% of new renewable energy projects produce power more cheaply than fossil fuels, highlighting the economic benefits of renewable energy.
Snexplores published: A study published in 2022 concluded that transitioning to renewable energy could save trillions of dollars by 2050, emphasizing the cost-effectiveness of green energy sources.
Hence, we found the claim is false. As per our investigation & different media reports, we found renewable energy has become one of the most cost-effective power sources, thanks to technological advancements and widespread adoption, which have drastically lowered the costs of solar and wind energy.
