If countries don’t build out renewable energy sources soon, a new study warns, they will likely have to turn to higher gas generation, which could send energy bills soaring.

What is renewable energy?

Energy that is sustainable and which can be naturally replenished is known as renewable energy. This includes wind, solar, and hydropower, among other sources. 

Across the world, more and more people are turning to renewable sources for their power. In 2024, the amount of global renewable energy capacity grew by 15.1%, with the vast majority coming from solar or wind.

But if countries aren’t quicker to adopt renewable energy, a new study from Australia’s Nexa Advisory finds, they will have to turn more to non-renewable sources in the short term. In particular, as Energy Source Distribution News reports, that could mean an over-reliance on gas, which could prove costly.

Why is renewable energy important?

Not only is renewable energy cleaner for our planet and more sustainable in the long term, but it is also more cost-effective.

Generating energy from renewable sources requires some upfront investment, such as the cost of installing solar panels through places like TCD’s Solar Explorer, but it doesn’t have the ongoing operating expenses and transportation costs of fossil fuels. 

Nexa warns that, without rapid adoption of renewable energy sources, customers will be forced to pay considerably higher costs.

“Costs will blow out to over $115 billion (roughly $75 billion USD) during the years up to 2050 if there is a reliance on gas beyond our modeling of an orderly transition, and there would be a 22% increase to consumers’ bills,” Nexa Advisory CEO Stephanie Bashir said in a release.

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“Simply put, delays mean consumers pay. If you don’t build transmission on time, the winning fuel is expensive gas.”

How renewable energy helps the planet

Fossil fuels are directly responsible for many of the planet’s environmental crises.

By mining and burning dirty energy sources like coal and gas, tons of heat-trapping pollution are released into our atmosphere. That pollution has caused global temperatures to reach never-before-seen levels and has led to an increase in extreme weather events.

Renewable options like solar energy create no such emissions. Solar energy also reduces homeowners’ reliance on the grid and can bring monthly electricity bills way down. That’s why so many people have decided to go solar.

If you’re interested in slashing your utility costs, check out TCD’s Solar Explorer, which helps homeowners understand their solar options and compare quotes (saving you up to $10,000). 

One Solar Explorer partner, Palmetto, offers a $0 down solar leasing program called “LightReach.” It allows homeowners to gain the benefits of clean energy without the pitfalls that are common among other leasing companies. LightReach can help you cut your utility rate by up to 20%. The Palmetto Home app is also offering up to $5,000 in rewards for making certain home improvements. 

Of course, for some homeowners, buying solar panels can make more sense. If you’re interested in purchasing and installing solar panels, another Solar Explorer partner, EnergySage, offers free tools that make it easy to compare installation quotes from local, verified companies. 

And if you’re not sure whether to lease or buy a solar panel system, check out this handy list, with pros and cons of each option.

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