Solar Power is Affordable – Why Don’t We Use It More :
Solar Power is Affordable – Why Don’t We Use It More
Solar power takes the top spot as clean energy since it has minimal to no impact on the environment. Renewable energy discharges fewer hazardous chemicals and has low carbon emissions than other conventional energy sources. A drastic decline in the cost of renewable energy has decreased the consumption of fossil fuels plants. However, a few years back, solar power was considered one of the most expensive energy sources for generating new energy.
The Levelized Cost of Energy Report declared that the cost of solar power has decreased by 90%. Why don’t we switch to solar energy entirely if it is relatively cheaper and beneficial to the environment? Why don’t we go green if it’s not about the energy cost? Let’s figure out the background story.
A Look at the Deep-Rooted Energy Mix of Today
As most things continue to be powered by consuming mixed energy, solar energy isn’t deep-rooted. The rising complexities in the regulatory system have brought the energy transition into conflict. Although the fossil fuel-powered plants are shuttering down, the cheap gas is still in use at some fraction. Since the vehicles are powered by gas or oil, they are contributing to a large portion of emissions. The transportation sector is not entirely switched to renewable energy sources and is using an energy mix, thus accounting for more emissions.
Obstacles to Better Solar Power Consumption
Switching from traditional energy sources to renewable energy requires much time due to the obstacles coming along the way. Further, new environmentally friendly energy plants and infrastructure are the main concerns as shifting to solar power doesn’t mean a few individuals should consume it to power their houses. However, it means the entire system should accept solar power by restructuring the way they source, and consume energy.
Our energy infrastructure, heavily regulating utilities, insufficient financial resources for users, and distracted focus on climate change are the main obstacles hampering solar energy consumption.
Delays in the Transition to a Green Economy
Why has the transition to a green economy been delayed, despite decreased solar energy costs? It is the leading question as people are expecting a rapid adoption of renewable energy. The delays in green transition can be due to poor investments and ineffective policies. Although renewable energy sources are cheap, installing the actual plants can be expensive compared to the old fossil fuel plants that are in use. Monopolies and market forces also hinder the transition to renewable energy.
Powering the World with Clean Energy
Solar power is now becoming successful in the mid of covid-19 due to decreased interest rates and costs. In this period, if companies invest in renewable energy at a low-interest rate, green energy sources will likely become more affordable. Governments can play a vital role in powering the economy with clean energy by investing at low-interest rates and meeting growing energy demands. Furthermore, the government must resolve the deep-seated issues with the energy mix and retire gas and oil plants early to push the world into a clean economy.