There are plenty of reasons to choose and use renewable energy. A few examples? Renewable energy sources are unlimited and they don’t foul the air. In the United States, electricity from fossil fuels accounts for more than a third of the country’s carbon dioxide emissions. CO2 emissions contribute both to increasing global temperatures and to rising rates of asthma and other health concerns. On a happier note, know what’s also rising? The number of renewable energy jobs out there. While the nonrenewable energy sector shrinks, employment in the renewables sector has been growing and is predicted to provide increasing numbers of jobs for everyone from solar panel installers to technologists. When you choose renewables with Drift, you also help support local energy suppliers, which keeps more capital flowing in local communities.
But speaking of capital, here’s a reason to choose renewables that’s just for all the pragmatists most fully convinced by cold hard cash: renewable energy sources are inexpensive, and they’re costing less and less by the day. By 2020, renewable energy sources are predicted to be less expensive than energy sourced from fossil fuels.
We know, we know: renewables haven’t always had a reputation for being the lower cost option. However, investments made for decades by energy wonks and workers are paying off. The International Renewable Energy Arena (IRENA) recently released its annual survey, which found three primary drivers of cost savings in the renewables sector.
- Technology – Whether it’s manufacturing efficiencies (we’re hyped about batteries lately), better infrastructure in the form of smarter windmills and solar panels, or smart software, technological advances are saving consumers and producers money in nearly every corner of the renewables sector.
- Competition – Specifically, competitive procurement. When renewable energy can be sourced through bidding and auction processes, prices are more competitive. IRENA compiled databases that found recent record low auction prices for wind and solar energy. These low prices are predicted to continue so long as regulatory and institutional frameworks remain friendly to renewables.
- Expertise – The renewables sector has been growing for decades, and so has a pool of experienced project developers. As these experts grow their knowledge and complete their projects, they seek new projects. Smart people, getting smarter, making smarter and smarter renewable energy provides cost savings across the board.
Here at Drift, we’re proud of the part we play in lowering costs related to renewable energy. Join our community and find out what Drift can do for you.