Sunday, July 10, 2011

Good news for us treehuggers

Doing my first and only cross-post from Balloon Juice. I had no idea this was happening.:

Plunging prices and booming investments are beginning to reshape the energy market, according to a couple of reports that were released this week. A report produced on behalf of Bloomberg says that investments in renewable energy have gone up by roughly a third over the last year, to $211 billion. Led by China's renewable push, the world is now on a trajectory that will see its investments in renewable electricity surpass those in fossil fuels within a year or two. As a result of these investments, the US is now producing more renewable energy than nuclear power. ...

Part of the reason is cost. Although wind turbines are very mature technology now, their cost per MW still fell by 18 percent over the last two years; photovoltaics have dropped a staggering 60 percent in that time. "Further improvements in the levelised cost of energy for solar, wind and other technologies lie ahead, posing a bigger and bigger threat to the dominance of fossil-fuel generation sources in the next few years," according to the report's authors.
This is worldwide. The US is lagging a bit behind but if expenditures on expanded renewable energy capacity stays on the same trajectory, "we'll be investing more in renewables either this year or next," than is being spent on fossil fuel power plants. Also, too, no more justification for building new nuke facilities. Win-win. [Via the Great Orange Satan.]

[More posts daily at the Detroit News.]

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