How Wind and Solar Energy Are Now More Affordable

Fossil fuels have kept us warm for decades and helped our civilization advance to levels never even dreamed of. However, it has become increasingly clear over the years that on top of being unsustainable, they are pretty bad for the environment. These days, governments are looking to a future where clean, sustainable fuel sources like solar and wind are the norm, not the exception.

We’re close to achieving that dream. Renewable sources of power are more affordable than carbon-based electricity in two-thirds of the world. This represents a monumental victory for green energy, and it shows that clean, renewable forms of energy are just as reliable as carbon-based energy. But how has green energy become a growing global phenomenon?

Energy Subsidies are partly responsible for wind and solar power’s affordability. Governments have been offering consumers and businesses subsidies for using sustainably-sourced power. Through tax breaks or direct payments, governments can pay back the initial costs, reducing the overall economic stress felt by consumers who invest in green energy. This way, even if the upfront costs are costlier, it ends up costing you less in the long run.

New and improved technology. Over the years, the technology behind solar and wind energy has gotten better as more people adopt and invest in clean energy. As more research on how to generate clean energy is carried out, the technology has become more efficient and resilient to environmental risks like solar radiation that can result in product failures. All in all, advancements in technology have led to green power sources that are cheap to produce, durable and harness more energy.

Unlimited Supply. Unlike fossil fuels, green power sources like wind and sunlight will never run out, at least not in our lifetime. Furthermore, fossil fuels are scarce and their supply is determined by governments and organizations. No government or organization controls the supply of sunlight or wind, allowing advancements in green energy to move forward swiftly without being held back by bureaucracy or corporate interests.

Market Volatility. Since fossil fuels are finite and their supply is controlled by governments and organizations, they are highly volatile, something that doesn’t apply to green energy. Presently, green energy has consistently become more affordable while fossil fuels have seen several price hikes in the past few decades. And as their supply runs out, fossil fuels will become more expensive as renewable energy becomes cheaper and more affordable.

This increasing affordability of renewable energy may be the power behind the push by companies like Workhorse Group Inc. (NASDAQ: WKHS) to look at a future where cars no longer have internal combustion engines.

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