Renewable Energy Provides Relief From Rising Power Prices

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Renewable Energy Provides Relief From Rising Power Prices
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Consumers worldwide are feeling impacts of rising energy prices. Locked-in renewable power prices could provide a spot of relief (via climate)

, the International Energy Agency said this week. Some events may be localized, but global supply and demand brings challenges –potentially crises – to the entire world.

Renewable power is not exempt from global trends that are pressuring prices upwards. Thanks to inflation and supply-chain challenges, the cost of building new onshore wind farms has. Solar costs have risen twice as much; battery storage costs have risen more than 8%. The resulting price of power from a new wind or solar project built today has risen to 2019 levels, a reversal in a decade-long trend of decreasing costs of electricity from wind and solar power.

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