Renewables are now the cheapest and fastest-growing source of electricity

The world needs a rapid transition away from fossil fuels, and renewables are the best bet, but myths exist regarding how they may not be a feasible replacement for fossil fuels.

A new report by Zero Carbon Analytics attempts to put those myths to rest, and shows why renewables are the energy sources of the future. 

One of the more enduring myths is that renewable energy technologies are expensive to adopt. Today, however, that is not true.

Renewables are now the cheapest and fastest-growing source of electricity, found the report. Solar and wind costs have fallen dramatically, almost up to 90%, since 2010, making them more affordable than fossil fuels, found the report. 

Combined with battery storage, diversified supply, and smart grid systems, modern energy systems can rely on renewables, and use a mix of different forms to supply electricity round the clock. Also, local renewable energy generation shields countries from supply shocks in fossil fuel markets, making energy systems more resilient and secure, according to the report. 

Renewable energy trumps fossil fuels

Another myth is that renewable energy, as power sources, are not reliable.

The reality is that renewable technologies are becoming more efficient as designs and reliability improve, enhancing their capacity factor — the ratio of a technology’s actual energy output to its maximum potential, according to the report. 

For solar, the average capacity factor rose from 14% to 16% between 2010 and 2023, while that of onshore wind rose from 27% to 36%. For offshore wind, it increased from 28% in 2010 to 41% in 2023, found the report. In fact, the capacity factor of offshore wind is comparable to conventional fossil fuel generation due to bigger turbines and more sustained winds at sea. 

There are concerns that renewables don’t compare to fossil fuels in terms of energy intensity and efficiency. In fact, the reverse is true. Fossil-based thermal power plants typically convert only 30–40% of input energy into usable electricity, while solar and wind deliver nearly 100% efficiency, making them two to three times more efficient, according to the report. 

More importantly, the input energy for renewable power generation — sunlight and wind — is free. In the case of oil used for transport, internal combustion engines are just 25–40% efficient, whereas electric vehicles convert 80–90% of energy into motion.

There are concerns that the waste generated due to implementing renewable energy technologies will be exorbitant. However, it pales in comparison to the waste created by fossil fuel power generation, found the report.

For comparison, global municipal waste is projected to reach approximately 70 billion tonnes by 2050, while coal ash — waste from burning coal, mostly in coal-fired power plants — will reach 45 billion tonnes. On the other hand, end-of-life solar panel waste is expected to total a maximum of 160 million tonnes, found the report.

It also revealed that renewables have lower impacts on wildlife, public health and waste compared to fossil fuels. With falling costs, renewables are increasingly becoming not just the environmental choice but the logical and economical choice, the report concluded.

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A team of handpicked and dedicated writers committed to fact check each climate-related statement. Go to the roots and intent of each policy implemented, internationally and at home to help you understand climate better

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