Which renewable energy sources are the cheapest?

The ongoing quest for low-carbon energy, striving to make the most environmentally friendly choices, is a worldwide phenomenon. And, as scientists, researchers, and advocates work to drive down costs, one might wonder what the cheapest source of energy is?

Factors such as increased awareness of the harmful effects of climate change and technological advancement have helped to reduce the price of renewable energy. Against this backdrop, the International Renewable Energy Agency (IRENA) published a report earlier this year highlighting that the cost of renewable energy is falling rapidly and that it will always be a cheaper source of electricity compared to traditional fuels.

Solar and wind

In 2017, the IRENA Renewable Energy Generation Cost Report highlighted that the cheapest energy sources are solar and onshore wind. According to reports, the average price of wind turbines is $0.06 per kilowatt-hour, and some projects can even reach $0.04 per kilowatt-hour. Meanwhile, the price of fossil fuel-based electricity generation ranges from $0.05 to $0.17 per kilowatt-hour.

Prices have been falling over the years, thanks to extensive research and investment in renewable energy, while IRENA stressed that solar and wind projects will be able to provide electricity for $0.03 per kilowatt-hour within the next two years.

tidal

Tidal energy is considered to be a more expensive renewable energy source. Moreover, it is said that tidal energy is currently ten times more expensive than existing renewable energy sources such as wind and solar energy. Against the backdrop of high costs, many tidal energy projects have been forced to cancel. Recently in January, the UK government rejected a £1.3 billion tidal energy plan because it was an expensive alternative compared to offshore wind farms and nuclear power.

The high cost of tidal projects is largely due to the industry's early stage of development relative to wind and solar power, and tidal energy advocates emphasize that despite its high construction costs, its operation and maintenance costs are minimal.

Additional storage fees

Energy is unlimited and free, but the materials and equipment needed to store, collect and transport it make it incur additional costs. According to sources, the cost of batteries and inverters, combined with the storage time of about 10 hours for large photovoltaic (PV) plants, will increase the price from $46 to $82 per megawatt-hour. Against this backdrop, experts believe that the high price of batteries will prevent renewable energy from completely replacing traditional sources of electricity.

As scientists and developers continue to explore avenues for alternative energy, it’s clear that newer, cheaper alternatives may be on the horizon.

(Original source: Renewable Energy)