The Economics Of Renewable Energy Article Analysis

Good Essays
Timmons, D. (2015). The Economics of Renewable Energy. Global Development And Environment Institute, 1-35.
The article explores the possible replacements of the ever diminishing supplies of fossil fuels. It views the prospects of using fossil fuels in the future as reducing every day given that they are created over geological time. It explores the probable sources of energy to replace the fossil fuels and recommends a number of alternatives that include wind power, solar, geothermal, nuclear, hydropower, and biomass. From the findings, the article strongly believes that solar power would be the best alternative for fossil fuels, but there is a need to reduce the costs of solar PV.
Sims, R. E., Rogner, H.-H., & Gregory, K. (2003). Carbon emission
…show more content…
(2014). Avoiding fossil fuel costs with wind energy . Bruxelles: European Wind Energy Association.
The report establishes through its findings that fossil fuels could be replaced with wind energy through the establishment of a sound regulatory framework. Although the report recommends other renewable energy, it still recommends wind power due to the savings that arise from the use of wind energy and from the elimination of fossil fuels import. The wind energy sounds a good alternative considering the costs savings and the saving on environmental pollution. However, it does not consider other factors such as the low wind intensity and reliability.
According to IWEA, the prices of fossil fuels are always changing and are expected to increase in the near future. This is to mean that people will have to look for alternative sources of energy to cushion themselves from the increasing prices. The report observes that although the wind power may use fuel to produce power, the amount used is insignificant to cause challenges from the changes in fuel prices. As a way to reduce dependency on domestic and imported fuels, nations could embrace wind energy that has no greenhouse gas emissions and no import bill (EWEA,
…show more content…
Renewable energy sources such as water, the wind, biofuel, and solar have little or no carbon emissions and, therefore, scores highly well in the replacement of fossil fuels. However, the cost of eliminating these emissions through renewable energy is high for all the alternatives.
However, when considering the potential for the reduction of the emissions, wind power holds the best potential for reducing the emissions followed by biofuels and solar energy scoring the lowest on the list. Even with the existing differences in the cost of reducing emission from the fossil fuels, it is possible to control the cost and amount of carbon emissions under certain conditions.
With the available alternative sources of energy such as the wind, solar, biomass, and nuclear energy for fossil fuels, the article outlines that renewable energy remains sidelined due to not only the costs and availability but also due to the low net energy ratio and capital intensity (Timmons, 2015). Even with these problems, renewable energy alternatives have the ability to replace fossil fuels if the proper mechanisms are

Related Documents

  • Decent Essays

    Carbon Sequestration

    • 1604 Words
    • 7 Pages

    If this small scale study on roads leads to favorable results, there is no reason for it to not work when applied on a larger scale. Also, in the same program used by Gerlagh and Zwaan similar results were found when looking at the plausibility of renewable resources. According to Gerlagh and Zwaan, “at least half of global energy supply needs to be generated by renewable energy resources by the end of the century to reach a 450 ppmv climate stabilization target” (46). Individuals against the idea of switching to renewable resources argue that the switch would be too costly and jobs would be lost. It is true that renewable resources have a high initial cost, but renewable resources will pay for themselves in time because some aspects of the resource is free.…

    • 1604 Words
    • 7 Pages
    Decent Essays
  • Decent Essays

    The NRC states, “Hence, the potential resource of solar energy is essentially limitless, which has led many to conclude that it is the best energy to rely on in the long run.” (pg. 240) Their point is that if solar energy is renewable and sustainable, why not use it? Although I concede that solar energy can be useful for the large business industry, I still insist that putting this energy to use in homes can have a huge impact on the environment by reducing carbon dioxide emissions. Recent research has shown that “To go solar have never been easier.” (Maehlum, 2015) Besides being easy, this switch in resources lessens the environmental footprint of a residential home. In fact, “The average residential solar system offsets about 100,000 lbs.…

    • 1136 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    Plug In Cars

    • 1412 Words
    • 6 Pages

    The pollution created by most petroleum vehicles is a big cause of global warming. As pointed out by: Siena Kaplan, Brad Heavner, and Rob Sargent, "Plug-in cars ... produce less global warming pollution, emit little or no pollution from the tailpipe, and reduce our dependence on oil” (Plug-in Electric Vehicles Will Reduce Air Pollution). One of the most important things we need to consider, is where we get our energy. Some parts of the country obtain their energy from coal; which is not a clean source of energy for pollution reduction. The energy source we need to advance in, is clean energy.…

    • 1412 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    Thus for a relatively fast solution many nations are using renewable energy initiatives as an alternative for fossil fuels. Resources for renewable energy include sunlight, wind, rain, tides, waves, and geothermal heat. While renewable energy accounts for a minority share of the world 's energy supply, it is also the fastest growing energy supply on the planet. Renewable energy is sought after because it 's a clean source of energy; that means it doesn 't directly produce greenhouse emissions or air pollutants. The best part is that we don 't need to compromise our planet or harm it.…

    • 1000 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    This will create much less of a need for fossil fuels, which is the main reason that the atmosphere is deteriorating as fast as it is now. Another big step that we need to make is to use renewable energy for electricity. Some examples of these are using wind, solar, and biofuels for electricity. People may say that these forms of energy are too expensive, but this is wrong if you look at the big picture. Solar and wind energy are definitely more expensive in the beginning, but the savings that are created over many years actually end up less costly.…

    • 942 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    By finding alternative sources of energy increased demand for fuel could be fulfilled, the environment could be protected, and users could be financially supported. Alternative energies are not completely harmless. It is clear that solar energy has its benefits and detriments. Although the alternative energy sources prevent some harmful effect on our environment, they are only possibilities and not proven facts. However, the fact is that alternative sources are better than the fossil fuels that we use today.…

    • 809 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Solar Energy Standard

    • 1809 Words
    • 8 Pages

    Cost, decreases in sales by electric monopolies, and mismanagement of funds do not out-way the benefits in using solar sources. The potential good from solar production is becoming easier and less expensive to make a reality. Continuing to incentivize minimum standards in Fort Collins will push the local community to invest in solar energy. The job market for skilled labor in the solar energy sector would increase allowing locals to engage in jobs they qualify for. Cost inefficiencies would decrease with a push on solar energy over time as well.…

    • 1809 Words
    • 8 Pages
    Decent Essays
  • Decent Essays

    Wind: An Energy Source Alternative Wind power is a renewable source of energy. Wind turbines convert the wind’s kinetic energy into mechanical or electrical energy that can be used for power. Wind energy is viewed as a clean alternative to fossil fuels and can help reduce greenhouse gas emissions. Wind energy can provide a lot of benefits to the ecosystem and economy of the United States. While wind energy does have a lot of perks, some people argue that wind energy is an expensive and unreliable source of energy.…

    • 950 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Green vs. Green Wind Power Finding a new reliable source of renewable energy is exactly what this generation should be striving for. Fossil fuels are what this world lives off of and in the near future this product will no longer be accessible. According to Shahrair Shanifee “The new formula is modified from the Class model and thus assumes a continuous compound rate and computes fossil fuel reserve depletion times for oil, coal and gas of approximately 35, 107 and 37 years” (Shanifee par. 1). Yes there are renewable sources of energy that we rarely use being water power, solar power, geothermal power, and wind power but without fossil fuels this planet is blind.…

    • 846 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Renewable energy is defined as energy that is collected from resources which are naturally created by humans, such as sunlight, wind, rain, tides, waves, and heat. Subsidies are a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive. Wind power is created by wind turbines, which are located in areas where the winds are very constant and strong. Solar energy is obtained from the heat and light of the sun. Sustainable energy sources should replace traditional energy sources such as oil, coal, and nuclear power because it would help improve the environment, can stop the overuse of fossil fuel, and it can help improve the economy around the world.…

    • 1719 Words
    • 7 Pages
    Decent Essays