Economic viability of renewable energies

Economic viability of renewable energies

Oil is expensive and the economy has energy as its backdrop. The world is seeking new paradigms in the face of the current energy crisis.
In the context of the war between Russia and Ukraine, there is a demand on the oil market which, added to the crisis, results in a gap in conventional energy distribution.

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Economic viability of renewable energies

According to IRENA, the cost of renewable energy is lower compared to that of oil and coal. An important factor for the high price is the lack of investors in the oil market, because as recently as 2020 oil prices fell dramatically, which led to a decrease in extraction due to low demand and a certain scepticism.

While oil is in turmoil, instruments for energy transformation are improving every day and the companies responsible for supply are competing on a high level. From this competition emerges the opportunity to acquire various forms of energy production.

The need for renewable energy

With the low cost of renewable energy, the company that takes advantage of this resource has good economic sustainability in the long term because it does not have various expenses with energy costs, the company’s revenue is dedicated to the main area of activity, which drives better results. Besides the relief to the environment to the exposure to carbon dioxide.

The problem of renewable energies

Economic viability of renewable energies

Since the industrial revolution there has been investment in fossil fuels, to reverse this situation will naturally be a laborious job, because a dependency on these fuels has been sown. As it is impossible to change the scenario abruptly, several large companies have adopted the method of using both sources, which considerably reduces carbon dioxide pollution.

Why renewable energy is the most viable

Economic viability of renewable energies

1. Environmentally friendly
The companies that adopt the use of these forms of energy gain, besides a good image, a place in the active participation in the control of global warming, while those that burn the most fossil fuels become the main catalyst.

2. Long term
A solar panel takes more than 20 years to work above its 80% efficiency, the future will be primarily built on these energy sources and these technologies guarantee their presence in the future.

3. Cost Benefit
An industry based on this energy source yields far beyond the bill and clearly guarantees its presence in the market. Realising this, companies like Facebook, Google and General Motors have embraced the more economical lifestyle based on renewable energy.

4. Easy to obtain
As companies producing these technologies seek rapid business expansion to secure a firm position in the market, they build easy-to-use instruments, sell and provide services at low prices, in addition to being dynamic, they are everywhere.

Action is needed

Just as Bitcoin was cheap in the beginning, these technologies may only be cheap today. Demand is tiny compared to when they will be needed. Policies are still divergent on eradicating coal, but there will come a day when policies are forced to converge on an agreement, then there may be a demand-driven turbulence in the prices of these technologies. High prices.

The most feasible thing for the corporate energy sector is to embrace renewable energy technologies immediately.

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