Climate change is becoming an increasingly serious issue for everyone. Whether you run a company or are someone who simply wants to know how the current state of things can be improved, you may be wondering: what is the future of renewable energy?
This article will go through the advantages of renewable energy and its place in the earth’s future.
Renewable Energy as Cheaper Forms of Energy
The coal used to be a cheap form of energy compared to its alternatives, which was how companies justified their coal usage. However, the renewable energy industry has recently succeeded in becoming even more affordable than coal, and this trend is likely going to continue in the future.
The cheapest forms of electricity are mostly sourced through solar and wind energy.
This means that using renewable energy will become more feasible in the years to come. As long as wind and solar companies – among others – can maintain low or decreasing prices, the future of renewable energy seems promising.
Increased Access to Electricity
Lower energy prices mean that electricity will be cheaper on average. This is good news to many, because it may mean that your energy bills may fall!
The cheaper alternative means that more and more people are likely going to have access to electricity. Even more so, as technology makes it easier for people to find energy sources – for instance, by installing their own solar panels at home – electricity is likely going to stop being as centralized.
The Need for Energy Storage
If renewables are going to have a chance at replacing fuel as the main source of energy, the world will need to find a way to have an efficient energy storage system. This is because solar and wind energy may be inconsistent based on seasons, overall climate, as well as geography.
Electricity is a necessity, though, and that means that energy needs to be accessible at all times. Companies will need to find better methods of energy storage to be able to appeal to their consumer base with renewable energy alternatives.
As the renewable energy industry continues to expand, there will be a lot of debate about employment shifts. Namely, whether leaders can justify the need to save the environment when faced with the decline in demand for coal and the impact this will have on workers in the industry.
This question will become increasingly important as the world navigates the impacts of climate change and the growth in renewable energy industries.
The Future of Renewable Energy
The future of renewable energy seems promising. Industry prices are falling, making this form of energy a suitable alternative to coal. It may also increase people’s access to electricity.
There are, however, still some important questions to address. How will certain communities store energy effectively so that everyone has access to it throughout the year? What about job losses in the coal industry?
Companies and governments will have to tackle this question going forward.
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