In recent years, the improved technology behind solar and wind energy has resulted in exponential decreases in the price of renewable energy. As a result, solar and wind energy cost have decreased to the point where it is competitive with fossil fuels. According to a New York Times article by Paul Krugman, the Nobel prize-winning economist, renewable energy costs are on pace to overtake traditional energy sources. Here’s an excerpt:
Wind and solar used to have a reputation as hippie-dippy stuff, not part of any serious approach to our energy future, and many people still have that perception. But it’s way out of date. The cost of wind power has dropped sharply – 30 percent in just the past five years, according to the International Energy Agency.
And solar panels are becoming cheaper and more efficient at a startling rate, reminiscent of the progress in microchips that underlies the information technology revolution. As a result, renewables account for essentially all recent growth in electricity generation capacity in advanced countries.
Furthermore, renewables have become major industries in their own right, employing several Hundred thousand people in the United States. Employment in the solar industry alone now exceeds the number of coal miners, and solar is adding jobs even as coal declines.
To see the article, click here.