Which Renewable Energy is Cheapest? A Guide to Cost and Efficiency – Galooli

Rapid and widespread adoption of renewable energy technology would have a marked effect on both issues. By 2050, sufficient renewable energy use could remove over half of the world’s power-related carbon emissions. Though that might not be enough to meet Net Zero goals, it would make significant and long-lasting progress towards more efficient and carbon-neutral energy reliance.

Though the concept is a bit utopian, these changes go far beyond “saving the environment” and meeting ESG targets. Our current energy usage habits are costing us an incredible amount, and the potential savings are even more impressive.

Recent research by IRENA found that the cumulative benefits of achieving these goals in terms of health, subsidy, and climate-centered savings would surpass $160 Trillion. From that calculation, every dollar invested in transforming the current energy landscape would yield a return on investment between $3 and $7. They also found that with the necessary investment and implementation, renewable energy sources could effectively supply 86% of the world’s projected energy needs for 2050.

Now that we’ve discussed the importance and potential for renewable energy on a global scale let’s dive into our cost competition and reveal the winner(s).