Renewable energy has a promising future. The industry is booming. The innovation in the industry has been bringing down power generation costs and making it more affordable.
Does renewable energy has the potential to reduce carbon emissions?
The primary supply of energy is fossil fuel. The consumption of fossil fuel has been deteriorating environment condition due to emissions of carbon dioxide. To reduce carbon emission, using renewable energy is one of the leading solutions.
Generating power from renewable sources instead of fossil fuels will reduce greenhouse gas emission. Burning fossil fuels to emit GHG, lead to a rise of global temperature and other facets of climate change.
Common types of renewable energy sources include wind, solar, biomass, geothermal, hydro and nuclear.
Renewable energy can be used by generating renewable energy near the location where power is used, e.g. solar panels. Power can be generated in offshore wind farms and then linked it to the national grid.
Purchasing the green power through renewable energy certificates (RECs) also referred to as green energy certificates, green tags or tradable renewable certificates. It represents that power is generated from a renewable source. Having said that, purchasing renewable energy from green pricing or green marketing program, user sometime has to pay a small premium to get power from a locally generated renewable energy source.
Renewable energy is also expected to be cost-effective in the future. It is expected that offshore wind projects likely to produce power cheaper than gas power plants by 2022/23.