Man once believed it was impossible to fly.
As climate activism gains momentum, many of us are becoming curious about renewable energy (RE) with some of us even considering career changes. So, I researched some of your most asked questions on Google, and will be providing some insight. Ready? Go...
Are renewable energy sources reliable?
Well...there is no straightforward answer to this question.
RE sources are reliable in that they make the power grid more resilient to interruptions but energy generation is weather-dependent for some sources. For instance, solar energy cannot be harvested at night and there are some really calm days when wind energy production will be minimal.
To solve this problem, the more permanent sources like hydro and geothermal are used as 'supplements' when supply is low. Also, excess energy is stored in storage systems like batteries when the weather is favorable and supply is more, then used up vice versa.
Are they cheap?
RE is becoming increasingly cheaper, even cheaper than coal and nuclear, based on reports from IRENA. In the last decade, the cost of solar PV reduced by 83%, and in 2019 alone, the electricity costs fell by 13% to $0.068 (27 Naira) per kWh. Soon, clean energy would not just be an environmentally friendly choice but also a very economical one.
Renewable energy is getting cheaper
Can they replace fossil fuels?
Haha, I might get feedback on this!
An absolute yes! With the falling costs and improving technologies, alongside the ambitious goals to reduce greenhouse gas emissions, I believe that 100% renewables is doable. The shift will take some time of course and demand global cooperation but it is achievable.
Some have said, it is impractical to meet the global energy demands with 100% renewables without support from the fossil fuel industry. I don't think it is prudent to limit possibilities in our minds because of fear of losing at one end. Man once believed it was impossible to fly and now SpaceX is commercializing space travel, all within a little over a century. With technology improving at this rate, we really can.
Are renewable energy bonds safe?
Okay, I'm not the financial expert but here's what I'll say...
Investing in sustainable and environmental-friendly projects is definitely a way to go, and the falling cost of RE is encouraging for investment, but the RE sector is still maturing so there are risks involved (as with every bond). So research and contact your financial advisor to be well-informed of the risks before you invest.
Hopefully, I have saved you a few searches haha. Got more questions? I am super happy to discuss with you - comment below or get in touch.