Renewable Energy on the Rise
The concept of using renewable energy as an alternative to fossil fuels is growing more rapidly each year. Renewable energy options are on the rise, such as: solar, hydropower, biomass, wind and geothermal. The energy market will soon face a change that will be irreversible. When it comes to renewable energy development, financing and management, Intersect Energy is here to offer our expert services regarding alternative energy.
An efficient economic market place is anchored by the rule of supply and demand. Fossil fuels have been the energy supply to meet the demand for power for the majority of the Industrial Revolution. However, with the expansion of renewable energy, that dominance is beginning to fade. The supply for wind, solar and even hydropower is limitless in principle, because they will never run out.
Replacing Fossil Fuels
According to scienticamerican.com, renewable energy will replace fossil fuels in the next several decades. “It is hardly surprising, of course, that many experts say we will witness a relatively drawn-out transition from fossil fuels to renewables,” the article states. “Any new form of energy initially operates at a severe disadvantage, lacking the elaborate production, processing and distribution networks by the prevailing type.”
While the current administration advocates policies that promote remaining dependent on coal for the time being, China has their future set on renewable energy. According to this article, President Xi has been very interested in renewable energy and has been optimistic about its future. He believes in the “green shift” that the world is currently undergoing. Currently, China owns five of the top solar module manufactures, five of the largest wind turbine manufactures and six of the 10 major electrical car manufactures, setting themselves up to become the renewable energy world leader. Intersect Energy’s alternative energy on-site energy generation services offer analysis, financing, and structuring of alternative energy for various work sites, to take advantage of business opportunities that China and other countries are creating.
Balancing the Costs of Renewable Energy
Experts believe come 2020, renewable energy prices will be competitive against fossil fuels. According to a greentechmedia.com article, “all types of clean energy will fall within the cost range for fossil fuels in the next two years.
What the Future Holds for Renewable Energy
If we then fast forward 12 years to 2030, we can expect renewable energy to be the dominating energy source in the market due to its cheaper prices, better production and distribution, and all around higher effectiveness than coal, oil and natural gas. In conclusion, it’s safe to say that renewable energy affects the energy market today and tomorrow.