Even though renewable energy technology is not mature yet, the cost of the technology is quickly coming down and soon it’ll be getting close to parity with traditional fossil fuels like coal, natural gas, etc.  It already is in Europe due to their carbon regulated market and getting close in North America!

In terms of breaking it down more specifically into locations, the report found that while coal-fired electricity costs $75 per megawatt-hour in North and South America (up from $66 per megawatt hour), in Europe, you’ll have to fork out $105 for the same amount. And gas-fired electricity costs $82 in the Americas, on average (up from $76 per megawatt hour), and $118 in Europe.

Those higher costs for fossil fuels in Europe – due in large part to government-regulated carbon policies – make it even more of a no-brainer for them to be getting into renewables, with the report finding that the average cost of wind is $85 per megawatt-hour in the UK and $80 in Germany, while the combined average for coal and natural gas was more than $100 per megawatt hour in both countries.

“In China, by contrast, coal-fired electricity generation remained extremely cheap – just $44 per megawatt hour,” Chris Mooney reports for The Washington Post. “Wind, in contrast, cost $77 and solar photovoltaics, $109.”

Mooney adds that the US is also not quite there yet, with the incredibly cheap average price of coal- and gas-fired electricity sitting at $65, while wind sit at $80 per megawatt-hour and solar at $107. The good news is that a lot of the cost of renewables is up-front – installation, construction, and the initial period of energy harvesting.

Source: Science Alert

So now when you hear people say that renewable energy is too expensive, you know it’s a load of bullshit and it’s only going to get cheaper as we progress too!