the renewable energy juggernaut
There is more global investment in solar power today than there is in fossil fuels. We’re talking about hard-headed investment for profit by business and governments worldwide, not greenies or special interest groups. And another interesting factoid: China today is generating more energy from wind power than the whole of Australia’s energy production. Not to mention the Chinese government’s massive investment in other renewables. That’s info I got from a recent ABC Science Show podcast. Renewable energy really is making inroads, and this is most encouraging for those around the world fighting the damaging environmental effects of mining and fracking in their regions, though it’s clear that such operations are dying hard.
I remember some time ago at a meeting of skeptics (not climate change ‘skeptics’, just regular sciencey anti-quackery, anti-UFO-type skeptics), when I was spruiking the virtues of wind power, so successfully taken up here in South Australia, being told dismissively that it was too expensive to be really viable. However, wind-power only really has establishment costs. Ongoing costs are quite minimal. Furthermore, a research group conducted by the Carnegie Institution for Science’s Global Ecology Department has recently conducted the most wide-ranging expert survey on wind (or any other) energy. Sure, it was a survey of those already heavily invested in wind, but that does make them the experts in the field. Predictions about the cost of wind energy into the future were based on two approachess. First, a projection into the future of falling costs over the past three decades or so – what they call the ‘learning curve’. One would assume those projections would vary from ‘most optimistic’ to ‘most pessimistic’, with consensus somewhere in between. The second approach involved a ‘bottom-up engineering assessment’, looking at the costs of individual turbine components into the future. Science Daily has summarised the findings:
On average, the participants expected wind power costs to continue falling for the next several decades, for three major classes of wind turbines, both onshore and offshore, with prices falling by 24-30% by 2030, and 35-41% by 2050.
Meanwhile governments worldwide are getting on board in a determined effort to drive down the cost of solar. Vox Energy & Environment reports on the US target:
…the US Department of Energy has a program, the SunShot Initiative, devoted entirely to driving down the cost of electricity generated by solar panels — the target is solar power with $1 per watt installed costs by 2020, a 75 percent reduction in costs from 2010.
It’s hard to get the head around the growth of solar energy worldwide since about 2007. It’s been a whirlwind ride, but starting from an extremely low level. And in the US since 2012, large or utility-scale solar has been growing faster than domestic, rooftop solar, and with falling prices and increasing module efficiency, the growth trend in big and small solar should continue well into the future. Yes, there’s government stimulus, but solar is being seen more and more as a sound investment on its own terms. Solar’s steady growth also makes for sound investment against the high volatility of the natural gas market. And this of course is just as relevant for many regions outside the US.
I’ll be taking another look at Australia’s situation, while many of our governments bicker and focus elsewhere, in an upcoming post.