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Research: “The cost of switching to 100 percent renewable energy worldwide can be recovered in 6 years”
13 Jul 2022A study by Stanford University says the cost of switching to 100 percent renewable energy worldwide could be recovered within six years.
In a new study by Stanford University, researchers examining 145 countries found that switching to clean energy and electrifying entire energy sectors could lead to power outages or lower prices. He stated that it would not lead to an increase. According to the research, prices would drop immediately and all up-front costs of switching to 100 percent renewable energy would be repaid in just 6 years.
According to the report, clean energy will reduce the average cost per unit of energy by 12 percent, resulting in a total annual lower energy cost of 63 percent.
The study was conducted by Professor of Civil and Environmental Engineering and Director of the Atmosphere/Energy Program at Stanford University. Directed by Mark Z. Jacobson. According to Jacobson, “By electrifying all energy sectors; generating electricity from clean, renewable sources; creating heat, cold, and hydrogen from that electricity; storing electricity, heat, cold, and hydrogen; expanding transmission; and changing the timing of some electricity use, we can produce safe, cheap, and reliable energy everywhere.”
Jacobson states that worldwide energy use will immediately decrease by 56 percent in the transition to a clean, renewable energy system. The savings come from the efficiency of clean energy compared to combustion systems and also from the efficiency as it does not need to spend energy to obtain fossil fuels.
To make their assessment, the research team looked at onshore and offshore wind energy, solar power, solar heat, geothermal electricity and heat, hydropower, and small amounts of tidal and wave electricity. Batteries were the most common electricity storage solution, and the team found that batteries with more than four hours of storage were not necessary.
Prices are not low, as an estimated $62 trillion is needed to update systems in 145 countries that produce 99.7 percent of the world's carbon dioxide, according to the report. But switching to renewable energy provides immediate savings of $11 trillion per year. This means that if these countries were simply willing to make the change, the world could offset the upfront costs in as little as six years.
While Jacobson and his team recommend that the world definitely transition to 100 percent renewable energy by 2050, the team's goal is to ensure that 80 percent of the world makes the transition by 2030.
You can access the research via the link below:
https://web.stanford.edu/group/efmh/jacobson/Articles/I/145Country/22-145Countries.pdf
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