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Analysts Say Renewable Energy Will Be Cost-Free By 2030

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Credit: Pixabay

According to a research report from the Swiss investment bank UBS, the cost of energy renewables could be reaching close to zero by 2030, making it pretty much free.

The analysts explained that, because solar and wind farms are becoming more widespread, the potential for green energy is also growing with them, and that, though in 2010, the solar power to boil a kettle cost 4 cents and by 2020 it would be just half a cent. Within 10 more years, the cost would be so low, it would practically be free.

There are naysayers out there, of course, with research from business electricity supplier Haven Power in the U.K coming up with a survey where more than 27% of utility decision makers have stated that they think renewable energy is “just a passing trend.”

But thing is, corporate demand for renewable energy is growing, even in the UK and on the other side of the world, Australia is already planning a $1bn renewable energy plan that will power up 96,000 homes.

In the U.S, areas like California or Florida have seen big drops in the cost of installing solar panels while in other areas, companies give out hardware and installation for free, due to increased profits from selling all the energy back to the main grid.

There are currently around a dozen European utility companies that used to rely on coal or natural gas which have now announced big changes to their previous business models. Due to an increased demand in renewable energy and prices that continue to spiral downwards, it’s hard to imagine a shift in the opposite direction might happen.

This is, all in all, great news for both the planet and the economy and it offers some of us a glimpse into a possible future not too far removed from the solarpunk sci-fi stories.

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