Economic benefits of renewable energy

Economic benefits of renewable energy

For any household, electricity has been the primary need. Every household work revolves around electrical appliances. Be it cars, trimmers, cooking equipment, and even water for the home is obtained by motors that run on electricity. Hence, environmentalists have been looking for alternate energy sources that negatively impact the environment and are inexhaustible. These types of energies are known as renewable sources of energy.

They are generated from the prevailing natural resources. Solar, wind, water and thermal energy are the most common ones. With advancement in science and technologies, new processes and practices are being implemented to harness the maximum energy from these sources. It’s high time that the world and its people search for a new source of energy to retrieve Earth from the current scenario.

This article will understand the economic benefits of renewable energy and more in-depth knowledge about them. So without any further delay, let’s get started.

What does renewable mean?

They capture energy from the various natural processes. The primary renewable sources of energy are air, water, thermal, and Sun. They are infinite in quantity and will exist till the last day of Earth. This specific aspect makes them the need of the future. Renewable energy will also provide business to the people of this planet.

Importance of renewable energy in health and electricity generation

  • The burning of non-renewable energy sources releases toxic Sulfur Dioxide into the air. SO2 is the principal constituent of acid rain. Acid rain can have severe effects on animals, including humans, and even on crops. Respiratory diseases, cardio inefficiency, and even a shortage of breath are primary issues.
  • With the uncontrolled growth of air pollution, the percentage of SPM in the air has increased highly. This has been the depletion of the ozone layer that protects the Earth from the harmful UV rays of the sun. If the ozone layer depletes completely, there are higher risks of pulmonary diseases in children and adults. Coughing, sneezing, and lung irritations will be the short-term effects.
  • Burning of fossil fuels in open air releases particulate matters into the air. These particles are called Suspended Particulate Matter (SPM). They are main constituent of air and land pollution. When released from coal they are referred as soot.
  • Global warming has been a severe environmental issue now for several years. The uncontrollable rise in Earth’s surface temperature has become a big question for many environmentalists. The primary reason for the temperature rise has been carbon dioxide (CO2). Non-renewable sources are the primary producers of Carbon Dioxide.

Economic benefits of renewable energy

Security of energy

Renewable energy is received from nature-friendly and reliable sources that make the fuel availability diverse. The chances of oil spills and other hazards are minimized to a great extent. Renewable energy sources also reduce the cost incurred on the import of fuels. They conserve the natural resources of a nation.

Economic developments

  • Electric and natural gas bills will substantially become less for the consumer. The savings will increase from $22 billion to $37 billion.
  • The job opportunities will increase twice as much available by now. There will more than 91,000 new jobs.
  • The per capita investment will also increase. The income of farmers and other rural landowners will considerably increase. More than $2 billion new tax revenue will be generated.
  • Above all, a healthier environment will make its way out of the dark alleys of global warming and uncontrolled pollution. The Ozone layer will also regain strength, and that will obstruct the harmful rays of the sun.
  • Property value- the property value can increase significantly with the installation of renewable energy equipment. By installing solar panels on your house, the price increases by $20 for every $1 you save on your electric bills. Hence, your one-time investment can save a considerable amount of money in the long run.
  • Energy Independence- the primary objective of energy independence is to generate energy domestically to eliminate dependency on foreign companies for electricity usage.

Till now, you have learned about the beneficial parts of renewable energy. Now let’s make ourselves familiar with the disadvantages of renewable energy.

Disadvantages

High installation and maintenance cost

Renewable energy sources are highly beneficial in savings, but their initial investment and maintenance costs are high. Typically, they are more expensive than the traditional types of equipment available in the market. However, there are rewards and discounts available on renewable energy equipment to combat the high price challenge.

Availability

They are obtained from natural infinite sources, but there is a discrepancy in their availability. They are not available every time under every condition, for example, solar energy. Disruption in the weather of an area can significantly affect energy generation. Some days during the rainy season might witness the absence of Sun for the entire day.

Storage facilities

Because renewable energy is not always available, a storage facility must sustain days when such energy is absent. Hence, this equipment can be expensive. Another disadvantage is the storage space for this equipment.

Conclusion

Renewable energy sources are yet under research. The economic benefits of renewable energy are undoubtedly necessary. New scientific ways are going to come out to incorporate these energies into mainstream life at an affordable cost. To restore the pristine beauty of the environment, renewable energy sources are the only way.

Image source: news.energysage.com

Author: Kristin Klane

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