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Renewable Power Cost to Drop Significantly.
Renewable Power Generation Cost to Drop Significantly
It is widely accepted, that the more a technology is adopted across society, the further the cost of its ownership falls. The trend is propelled as increased demand requires improved and more competitive supply chains to be realised, and technological advancements aid this process of cost reduction.
This has recently been backed up by the International Renewable Energy Agency (IRENA) as they claim the cost of renewable power generation including; Solar Thermal, Solar PV and Wind is set to fall considerably up to 2025.
IRENA director-general Adnan Amin said “Given that solar and wind are already the cheapest source of new generation capacity in many markets around the world, this further cost reduction will broaden that trend and strengthen the compelling business case to switch from fossil fuels to renewables.”
He also added, “Historically, cost has been cited as one of the primary barriers to switching from fossil-based energy sources to renewable energy sources, but the narrative has now changed.”
In some instances, technologies have advanced to such a degree, that their cost saving abilities can provide a return on investment in as little as a matter of months. This is certainly true for some of the solar thermal assisted and energy saving technologies available through GET Solutions.
Amin continued “To continue driving the energy transition, we must now shift policy focus to support areas that will result in even greater cost declines and thus maximise the tremendous economic opportunity at hand.”
To bring energy saving technologies within the reach of business and organisations across the UK, GET Solutions can provide access to funding and grant schemes to aid the cost reduction process.
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