If you’ve heard that using renewable energy is cheaper and you’re curious to find out if that’s true, you’re in the right place. Because renewable energy is natural and can’t be depleted, it’s the best choice you can make to affect yourself and your surroundings positively. But are renewable energy sources cheaper than regular ones?
This question is often asked when people consider starting to use renewable energy. And knowing if it’s more affordable, among the other benefits renewable energy brings, is of great importance. Thus, SolarDorm is here to provide you with the most accurate answers and satisfy your curiosity.
Are Renewable Energy Sources Cheaper?
Renewable energy that comes from natural energy sources has become the cheapest source of electricity. Hydropower, geothermal, solar, and wind energy, are all natural renewable energy sources, and many people are starting to use them. You might wonder why that is so, and the reason is pretty simple.
The demand for renewable energy is increasing; hence, the prices are decreasing, so this energy is becoming much more affordable. So, it has been shown that renewable energy costs have drastically decreased in the last couple of years.
Because of this, renewable energy is an excellent investment. The equipment is a one-time investment, and then you’re all set. Your electricity costs should start lowering when you make this change. Also, it’s great that this equipment has low maintenance requirements, so you won’t have any additional costs.
Based on the latest report from the International Renewable Energy Agency (IRENA), solar energy has dropped 13%, offshore wind energy has dropped 13%, and onshore wind energy has dropped 15% compared to the prices in 2020.
And as you know, the prices of non-renewable energy are constantly increasing, so this is becoming the best option for everyone.
Also read: Can Solar Energy Be Stored for Later Use?
Which Is the Cheapest Renewable Energy Source?
Out of all renewable energy sources, solar and wind are the cheapest. So let’s discuss them further.
Solar energy comes from the sun, and it’s collected with the help of solar panels. Those solar panels are made from photovoltaic cells, which convert solar energy into electric energy.
It’s interesting that roughly 10 years ago, solar energy was considered the most expensive form of energy someone could use. But today, the prices have dropped 90%.
Onshore wind energy is the energy made with the help of turbines located on land that generates wind power. Wind power has also become much cheaper, and its prices have dropped even 71% in the last 10 years. You can read more about this here.
So, the costs of these two renewable energy sources are pretty similar. If you can’t decide which one to choose, you can base your choice on their installation method and which one is more convenient for you. For example, when setting up a windmill, it should be placed high, where the wind blows stronger. Finding the location for the solar panels is easier. The important thing is not to place them under any shades.
Also read: What Energy Do Solar Panels Use?
Pros and cons of solar and wind energy
The following table with pros and cons should make your choice easier. You’ll immediately notice that the pros of these two energy sources are identical, and the cons might not be a deal-breaker for you.
|Pros of solar energy||Pros of wind energy|
|Cost-efficient and affordable||Cost-efficient and affordable|
|Low maintenance requirements||Low maintenance requirements|
|Clean and safe energy||Clean and safe energy|
|Cons of solar energy||Cons of wind energy|
|Doesn’t generate electricity at night||Wind turbines can be noisy|
So, to sum up, are renewable energy sources cheaper? Yes, they are, and to be more precise, solar and wind energy sources are the cheapest, so you can give one of them a try. Besides the fact that they are very affordable, they are also the safest for the planet.
Remember that you can’t go wrong no matter your choice, as they’re both affordable and better for the environment.