How Much Does Solar Energy Cost Compared To Fossil Fuels

But there are always questions about whether it is a viable replacement for fossil fuels that can meet the energy needs of the public now and most importantly for the future.

How much does solar energy cost compared to fossil fuels. And what s more renewable energy is only projected to get cheaper over time. That s a lot of potential savings. The best way to compare solar energy with fossil fuels is to compare costs where solar energy has quickly reached its non renewable counterparts. Believe it or not the cost of solar energy and solar panels lack of co2 emissions are closely linked.

The ultimate way to compare solar energy to fossil fuels is by cost where solar has quickly caught up with its non renewable counterparts. Solar energy has a long way to go before it will be the most popular renewable resource on the planet much less the most popular energy resource but its growth in popularity is pretty undeniable. By 2020 the renewable power generation technologies now in use will be at the lower end of the fossil fuel cost range or even cheaper than fossil fuels. This incentive provides a tax credit of 26 percent of the cost to install solar power at your.

Although renewable energy is growing it still needs extra investment up front in comparison to non renewable energy. Wind and solar investment and production tax credits encourage more renewable energy on the grid but they also cost billions of dollars per year. In 2020 the average cost of residential solar was about 16 per kilowatt hour kwh and the national average for conventional electricity was 13 28 kwh. The cost of renewable energy is now falling so fast that it should be consistently cheaper than traditional fossil fuels within just a few years according to the international renewable energy.

In terms of reliable application coal and natural gas have the edge. Some solar panel projects can even generate power at roughly half the cost of fossil fuels like coal. Solar energy still has a long way to go before it becomes the most popular renewable resource on the planet not to mention the most popular energy resource but its growing popularity is undeniable. Natural gas petroleum and coal together accounted for more than 80 percent of energy use in the united states in 2012.

In terms of environmental impact solar power is a much more optimal resource than fossil fuels. Fossil fuel use is integrated into the fabric of american society. The best way to do so is to look at average prices in the united states for each. That s a lot of potential savings.

As you might imagine each subsidy may have different goals ranging from helping low income households to encouraging domestic production of oil and gas to getting new technologies to scale.