One of the main things that has caused people to second-guess about renewable energies is the economic aspect. People today continue to believe that green energy is a thing of the future and not accessible in the present. Whereas, in reality, many homeowners and businesses already operate using renewable energy resources and do so well within their financial means.
There are a number of renewable energy sources on the market that are available in both large and small capacities for individuals, residences, small and large businesses as well as global corporations. Different choices can be made by business owners and homeowners, depending on their individual requirements. The different renewable energy options have various financial aspects associated with them including installation costs, maintenance and ultimately savings in your overall energy bills.
Let’s take a look at the financial elements of renewable energies to determine the feasibility of different energy sources for individuals and companies alike.
Pricing the Present – A Financial Look at Renewable Energy in 2018
Due to the current environmental pressures on the fossil fuels industry, it is probable that this part of the energy sector will lose its majority share of the market in the near future. In addition to the declining resources available, this will also most likely provoke a price increase in fossil fuels making it the more expensive choice for consumers.
Meanwhile, the renewable energy field continues to grow and develop with more accessible and affordable resources, leading people to choose renewable sources over traditional fossil fuels. Some of the various green energies that are becoming more widely available and popular in society today include Canberra wind farms, Sydney solar panels and various hydroelectric dams throughout Australia, with the Snowy Mountain scheme the largest currently in existence.
What Economic Benefits Do Renewable Energies Offer?
In addition to the falling prices of production and sale of equipment for various types of renewable energy, there are currently also other financial advantages to going green. Using solar energy, for example, can offer eco-friendly benefits such as tax rebates for homeowners and businesses who have solar panels installed. In certain countries around the world, such as Germany, Denmark and South Africa, governments are offering different financial incentives to those who choose to use renewable energies.
As an investment, it is becoming more economically sound to spend money on renewable energy sources to ensure more stable, long-term profits, due to the newfound affordability of many forms of green energy. In addition to the immediate economic benefits to investing and using renewable energy, it has been proved that as fossil fuels decline in production rates, we will need to create more jobs working with sustainable sources of energy and in turn improve the job market and financial outlook for the future on a large scale.
Looking To The Future – Economic Growth For Renewable Energies
From the market trends, it is easy to speculate that prices of fossil fuels will continue to rise and those for sustainable energies will gradually become more and more cost-effective. This is not only good for the pocket of both individuals and businesses but it is a huge plus for the overall health and well-being of our planet and its inhabitants.
When certain policies and laws currently standing in the way of eco-friendly progress catch up with today’s technology, we should see a huge increase in the use of renewable energies by individuals, companies and governments. Following recent spurts of small-scale renewable energy use, such as micro-grids in Africa and crowdfunding initiatives to cover installation costs, there is no doubt that the future is green.