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from the turning-green-into-greenbacks dept.
New study shows a fast transition to clean energy is cheaper than slow or no transition:
Transitioning to a decarbonised energy system by around 2050 is expected to save the world at least $12 trillion, compared to continuing our current levels of fossil fuel use, according to a peer-reviewed study today by Oxford University researchers, published in the journal Joule.
The research shows a win-win-win scenario, in which rapidly transitioning to clean energy results in lower energy system costs than a fossil fuel system, while providing more energy to the global economy, and expanding energy access to more people internationally.
The study's 'Fast Transition' scenario, shows a realistic possible future for a fossil-free energy system by around 2050, providing 55% more energy services globally than today, by ramping up solar, wind, batteries, electric vehicles, and clean fuels such as green hydrogen (made from renewable electricity).
[...] 'There is a pervasive misconception that switching to clean, green energy will be painful, costly and mean sacrifices for us all – but that's just wrong,' says Doyne Farmer, the Professor of Mathematics who leads the team that conducted the study at the Institute for New Economic Thinking at the Oxford Martin School. 'Renewable costs have been trending down for decades. They are already cheaper than fossil fuels, in many situations, and our research shows they will become cheaper than fossil fuels across almost all applications in the years to come. And, if we accelerate the transition, they will become cheaper faster. Completely replacing fossil fuels with clean energy by 2050 will save us trillions.'
[...] Professor Farmer continues, 'The world is facing a simultaneous inflation crisis, national security crisis, and climate crisis, all caused by our dependence on high cost, insecure, polluting, fossil fuels with volatile prices. This study shows ambitious policies to accelerate dramatically the transition to a clean energy future, as quickly as possible, are not only urgently needed for climate reasons, but can save the world trillions in future energy costs, giving us a cleaner, cheaper, more energy secure future.'
Journal Reference:
Rupert Way, Matthew C. Ives, Penny Mealy, J. Doyne Farmer, Empirically grounded technology forecasts and the energy transition [open], Joule, 2022. DOI: 10.1016/j.joule.2022.08.009
(Score: 5, Insightful) by Barenflimski on Monday September 19 2022, @10:06PM (7 children)
I'm not sure who will be saving Trillions. One thing I am sure of is that my energy company will never charge me less for what I use, no matter how much we all save.
(Score: 2) by JoeMerchant on Tuesday September 20 2022, @12:02AM
When I bought my first house I worked 40 hours a week, spent several nights a week and most weekends "away", and so basically all that was running in my house was the water heater on a timer for an hour each morning, the refrigerator, and the occasional light in the evening. My bill during those first few months was riding around the level of the minimum customer charge, something under $25 per month in 1992/3...
Then my wife-to-be moved in, started doing hot water clothes washing and electric drying simultaneously, of course with the 25000 BTU A/C cranked up full blast and 900W of halogen lighting up at full, and she set the 60A meter can on fire... $25 per month became $200 all too quickly.
🌻🌻 [google.com]
(Score: 4, Informative) by gnuman on Tuesday September 20 2022, @10:57AM (5 children)
Since adding a $15k in solar panels to the house few years ago, my energy bills went from $100-$200/mo to something negative most of the year. And now with energy price increase, the negative actually got larger.
So not sure who's saving what where, but for me at least, I'm saving my entire bill so far. Next step is to move to electric car but then probably will have to increase the solar installation to be able to charge that car for free. So the question is mostly, who pays for the capital costs? With inflation, it's kind of a no-brainer to pay these costs yourself. It's like leasing a car vs. buying a car.
BTW, had to pay $15k to connect that house to the grid in the first place because needed to install 1 additional pole. Today, it probably would make no sense to actually connect it to the grid anymore but 10 years ago, battery prices were simply too expensive.
But again, the people unwilling or unable to plan ahead (aka, renters or people with no assets) will be stuck paying the largest bills.
(Score: 1) by zion-fueled on Tuesday September 20 2022, @02:15PM
And by me there are trees for shade and a mostly overcast winter. The power company doesn't give you a great deal on generated power either. Your system will still break even in 13 years. Now add another 10k of batteries.
You don't get solar to save money unless you live in an oven. You get it to be energy independent. To stick a finger in the eye of the government and the power company.
(Score: 4, Interesting) by Barenflimski on Tuesday September 20 2022, @02:31PM (3 children)
I've known a few folks where that worked for them. I'd never be able to break even with a solar installation at my home for many reasons.
Not enough roof. Too much power as I work from home. Trees over the roof that we aren't willing to cut down as they provide shade and privacy. Not willing to cut down on my garden and back yard to fill it with solar panels. Not willing to drive to the office an hour away every day.
It does bring up a question. Seems that if I were able to go into some collective that bought some land to place panels on in an empty field, I could buy 8-10 panels there. Have you ever heard of a collective community solar panel farm that is attached to the local grid where one would then get credits from your panels in that field?
(Score: 3, Interesting) by Freeman on Tuesday September 20 2022, @03:08PM (2 children)
I've never heard of a Solar collective. It could work, but good luck managing it. My guess is that you'd just about have to create your own power company to get through all the red tape.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 2) by Barenflimski on Tuesday September 20 2022, @06:39PM
Right? I guess we start by hiring a lobbying firm.
(Score: 1) by khallow on Wednesday September 21 2022, @10:23AM